You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
高盛:美團股價過度調整,維持“買入”評級,目標300港元
格隆匯 02-21 14:59

高盛發表研究報吿指,美團(3690.HK)上週五(18日)股價因內地公佈新政策而下跌15%,新政策包括線上外賣平台需下調服務費標準,以支持餐飲行業復甦。上週五單日市值縮水逾2000億港元,意味着市場考慮到美團每宗外賣的EBIT將減少0.4元(人民幣.下同),而長期外賣利潤指引為1元。該行預期2021年每宗外賣利潤為0.4元,2022年為每宗0.3元,直到2025年才會增加至每宗1元。該行維持“買入”評級,目標價300港元。

高盛指,注意到政府新政策的重點是中高風險地區受新冠疫情影響的商家或餐館,認為這些措施的重點是復甦。美團在2020年上半年為受影響的餐廳提供了類似的支持,預期將在今年首季每宗EBIT帶來0.1元影響,料利潤從第二季度開始回升。另外,美團已經在2021年重組了其外賣收費機制,以納入透明的佣金和騎手成本機制,該機制一直使有附近訂單的中小型餐廳受益。美團5-6%的服務費佣金是全球在線及按需配送服務行業中最低的。

高盛認為,週五股價在消息發佈後過度調整,相信2025年每宗利潤1元的目標仍然是可達到的。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account