《大行報告》瑞銀下調美團(03690.HK)目標價至320元 評級「買入」
瑞銀發表研究報告指,美團(03690.HK)核心業務長期前景依然穩健,看好其風險回報表現,但考慮到宏觀市場及公司對新業務的投資增加,預期美團在公布季績後股價將回調,認為投資者可能將美團與其他電商股歸類,拖累美團近期表現。
瑞銀指出,美團在外賣及到店業務市場競爭地位非常強,長遠而言相信有龐大潛在增長空間。而美團優選及美菜等新業務預期虧損已見頂,虧損金額將在第四季收窄,訂單亦不斷增加,令美團繼續與拼多多一同保持市場領先地位。
但該行亦提醒,地圖、自動駕駛及共享單車等其他新業務虧損正在擴大,加上投資增加,令整體新業務虧損或於第四季增加至115億元人民幣,2022至2023年虧損約80億至90億元人民幣,目標價由330元降至320元,維持「買入」評級。
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