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《大行報告》大摩上調美團(03690.HK)目標價至240元 屬中國互聯網行業首選
阿思達克 05-04 11:47
摩根士丹利近日發表報告表示,重申對美團(03690.HK)「增持」評級,上調對其目標價,由220港元升至240港元,此按現金流折現率作估值,相當於預測明年市銷率4.1倍(對比其過往歷史預測市銷率估值水平介乎2.5倍至13倍,其目前估值相當預測明年市銷率2.9倍)。 該行指,基於內地近期疫情防控及宏觀經濟的影響,下調美團2022年總體收入預測2%(降外賣、到店及新業務分部預測各2%、6%及1%),維持對其2023年及2024年預測不變。 大摩表示,美團屬該行中國互聯網行業的首選股,料外賣業務受到監管及競爭的影響較少,相信到店業務可持續改善、新業務亦可提供更大的潛力,並估計其於三年後(至2025年)潛在市值有機會升至3,500億美元(相當每股450港元),料其屬憧憬中國於未來6至12個月在疫後重新開放的最佳交易主題股份之一。 該行料美團2022年非國際財務報告準則計量經調整虧損淨額98.88億元人民幣、估計美團2023年及2024年非國際財務報告準則計量經調整盈利167.29億及368.28億元人民幣。
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