《大行報告》高盛下調美團-W(03690.HK)目標價至235元 評級「買入」
高盛發表研究報告指,隨著內地各地疫情於冬季再度爆發,影響到店活動,考慮到內地當局可能於明年第二季再開始逐步放寬防疫限制,因此將美團(03690.HK)業務復甦時間表預測相應推遲大約一年,將2023及2024年外賣訂單量預測由增長32%及16%,調整為增長12%及25%,店內收入增長預測亦下調至11%及22%。
高盛現時預期,美團將於2023年底至2024年上半年迎來強勁復甦。該行指,美團新業務於過去六個季度虧損超過500億元人民幣,在成本合理化情況下預計美團優選的虧損將在2023至2024年進一步收窄。
對於即將公布的第三季業績,高盛預測收入將增長25%,經調整後EBIT料達盈虧平衡,經調整後EBIT利潤率達約1%,預期疫情影響下疲軟情況將延續到第四季。該行又指,近期相對股價疲弱,相信是由於市場對宏觀經濟及疫情復甦的擔憂,預計第四季外賣訂單量及到店業務收入將增長8%,仍然維持2022至2025年實現20%以上核心本地商業收入複合年增長率的預測,維持「買入」評級,目標價由275元下調為235元。
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