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《大行報告》野村下調美團(03690.HK)目標價至336元 料外賣及到店業務短期受疫情拖累
阿思達克 11-29 14:19
野村發表報告,美團(03690.HK)今年第三季的業績好過該行預期,但公司預告外賣服務和到店消費在第四季度暫時轉弱,情況有可能持續到明年第一季,主要由於宏觀經濟疲軟和疫情大流行引發的封鎖。 該行估計今年第四季,美團外賣收入按年增長20%,經營利潤率按年增加1.8個百分點至5.9%,到店收入按年增長24%,將集團今明年收入預測下調1%及2%,非會計準則淨利潤率亦下調0.3個百分點及1.2個百分點,目標價由354元下調至336元,維持「買入」評級。 野村認為,美團對第四季業績審慎,並非市場意料之外,不擔心短期放緩對行業格局產生任何長期影響。野村假設,自明年下半年起,美團為車手購買社會保障,對每張外賣訂單的影響為0.3元人民幣(下同),後年將減少至0.25元。 野村指,美團社區電商業務「美團優選」將由進取擴張期進入改善營運效率,部分原因是更嚴格的監管審查,令補貼受壓。預計該業務在第四季產生67億元虧損,較第三季虧損71億元有所改善。
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