《大行報告》大摩重申美團(03690.HK)為行業首選 料核心業務增長勝同業
摩根士丹利發表報告表示,認為京東-SW(09618.HK)進軍外賣業務對美團-W(03690.HK)的威脅有限,因為美團在本地服務方面具有強大的競爭優勢。該行繼續看好美團作為內地重新開放社交距離的受惠股,指其成本優化正在推進之中,長期投資前景鞏固。
該行重申美團為其中國互聯網首選股不變,重申對其「增持」投資評級及目標價240元,由於重新開業放成短期催化劑,以及被低估的到店內和創新業務的長期潛力,該行繼續看好美團的長期前景,在該行最樂觀的情境下預計未來三年市值可達3,500億美元(每股450港元)。
該行認為美團核心業務增長快於騰訊(00700.HK)的遊戲業務、快於阿里巴巴(09988.HK)的電子商務業務和百度(09888.HK)市場業務。該行指美團與遊戲娛樂相比監管風險較低,若與內地電子商務相比,競爭風險更低。
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