《大行報告》美銀證券上調美團-W(03690.HK)目標價至234元 評級「買入」
美銀證券發表研究報告指,在內地封城措施影響下,美團-W(03690.HK)今年首季收入仍按年升25%,高過市場預期,當中食品配送、到店與酒店以及新業務分別增長17%、16%及47%,反映今年首兩個月趨勢健康。
管理層透露,4月份封城影響顯着,其中上海地區外賣訂單減少逾90%,到店與酒店業務跌幅不亞於2020年同期,達到20%以上,不過5月下旬起情況有所好轉。該行預期,美團在此次難關中專注於提升效率及核心競爭力,新業務虧損按季收窄,外賣及到店與酒店業務的經營溢利率按年擴張至分別7%及46%。
考慮到第二季疫情影響將持續反映,美銀下調美團今年全年每股盈利預測至虧損1.21元人民幣,但預計下半年不利因素將緩解,加上成本控制措施有利於提振明年表現,料其明年扭虧,並將明年每股盈測上調至3.64元人民幣,目標價由217元升至234元,維持「買入」評級。
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