《大行報告》摩通下調美團(03690.HK)目標價至295元 評級「增持」
摩根大通發表研究報告,指出雖然美團(03690.HK)第三季業績大致符合市場預期,但管理層對消費放緩及疫情的擔憂似乎較預期大,特別是對第四季外賣配送業務的影響方面。
該行認為,外送業務本身屬於中高端消費需求,因此近期前景略差於預期並不是特別令人擔憂。摩通又指,美團現時正將發展重點轉移到提高外賣補貼策略和社區團購單位經濟的營運效率上,預計社區團購第四季虧損將開始收窄,總體公司長期增長前景預測保持不變,但短期財政展望受累宏觀經濟及疫情而轉弱。
摩通預期,由於消費放緩及疫情影響,預計第四季外賣收入按年增長將放緩至19%,將目標價由300元下調至295元,維持「增持」評級。
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