大行評級 | 高盛:美團(3690.HK)核心業務盈利穩健 維持“買入”評級
格隆匯11月28日丨高盛發表研報指,看好美團(3690.HK)穩坐外賣行業的領導地位,且到店業務競爭可控,以及財政狀況穩健,維持其“買入”評級,目標價由235港元調低8%至216港元。
報吿指,美團第三季核心本地商業分部的經調整EBITDA按年增1.23倍至93億元(人民幣.下同),受7月至8月本地服務活動,及餐飲外送和到店業務盈利表現勝預期所帶動。然而,自9月起內地疫情惡化,被列為高風險地區的城市佔全國本地生產總值的65%創新高,管理層預期第四季業務將較預期更為疲弱,尤其是到店業務的季度收入將續跌逾10%;而外賣業務會較具韌性,10月至11月訂單量按年增速放緩至中單位數。
報吿又指,美團第三季表現勝預期,並正邁向全年經調整EBITDA盈虧平衡的目標,維持今年收入預測不變,最新估計全年錄得經調整溢利19億元。第四季外賣訂單料按年升4%,到店業務收入將倒退18%,預期今年第四季以及明年第一季的表現將與今年第二季時的相近。

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