《大行報告》大摩下調美團(03690.HK)目標價至250元 評級「增持」
摩根士丹利發表研究報告指,美團(03690.HK)日前宣布為疫情中高風險地區經營困難的中小商戶提供服務費減免措施,相信費率優惠為短暫性,不會導致食品配送定價機制產生結構變化。
大摩解釋,美團自2020年疫情爆發起提出「春風行動」,為商戶提供3%至5%的佣金回贈作為支持措施,2020年第二至第四季度的外賣提成率(Take Rate)較2019年第四季下降約0.4個百分點,但同時疫情期間公司訂單錄得強勁復甦。美團預期,今次支持措施將有超過100萬外賣商家從中受益,而其外賣年活躍商家總數為約400萬,預期影響比例較低。
該行指,商家支持措施有利加快疫情緩和後的復甦速度,儘管近期面臨疫情不確定性的壓力,但對美團長期前景仍保持信心,維持「增持」評級,對其每日訂單量達1億、每單盈利1元人民幣的長期外賣目標不變。
但考慮到疫情對訂單量的短期影響,該行將今年淨虧損預測由82億元人民幣擴大至89億元人民幣,目標價相應由320元下調至250元。
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