《大行報告》花旗:美團-W(03690.HK)上季經調整EBITDA及淨利潤遠勝預期
花旗發表研究報告指,美團-W(03690.HK)第三季總收入按年增28%,符合預期;而上季經調整EBITDA及純利則遠勝預期。進入第四季,管理層指,雖然集團對潛在積壓需求釋放和一旦通關後經濟可快速反彈保持樂觀,惟交易量和廣告需求將受到新冠肺炎確診個案上升和出行限制的進一步影響,預計第四季情況按季轉差,不過,集團對其長期增長充滿信心。該行將美團目標價由200元輕微上調至202元,維持「買入」評級,繼續將集團視為值得信賴的本地服務提供商,認為其正朝著成熟的零售及技術平台發展。
該行將美團2022至24年的總收入預測分別下調0.7%、3.5%、及3.8%,至2,176億、2,624億、及3,211億元人民幣。期內,經調整純利預測分別為32.4億、127億及304億元人民幣。
該行料今年末季美團收入按年升17%至578億元人民幣,經調整純利料12.4億元人民幣。
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