《大行報告》中金升美團-W(03690.HK)目標價至279元 指變現水平和利潤均有望超預期
中金發表報告,上調美團-W(03690.HK)目標價11%至279元,主要因外賣及到店酒旅分部估值提升,變現水平和利潤均有望超預期,維持「跑贏行業」評級。
報告稱,美團首季收入按年增25%,較市場預期高2%,主要因到店及創新業務收入超預期。Non-IFRS淨虧損按季繼續縮窄3.5億元,至36億元人民幣(下同),較市場預期少約10億元,主要因高質素增長下各業務盈利情況均好於預期。
展望次季,中金認為,預計外賣收入將按年增9%至252億元,每宗交易平台收益(UE)為0.85元。到店業務收入將按年下降23%,考慮到6月初上海管控措施已好轉,預計業務在疫情防控常態化後將釋放較大彈性。另預計新業務收入按年增37%,虧損按季進一步縮窄10億元,至約80億元。
中金基本維持對美團今年收入預測不變,但由於疫情及宏觀消費環境不確定性,下調2023年收入預測2%至2,919億元。由於高質素增長下各業務盈利水平改善好過預期,將全年Non-IFRS淨虧損預測由88億元調整至41億元,並上調明年Non-IFRS淨利潤預測22%至104億元。
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