《大行報告》麥格理下調美團(03690.HK)目標價至195元 評級「跑贏大市」
麥格理發表報告指,與美團(03690.HK)管理層見面,管理層全面回應了各方面的競爭趨勢,並對美團的獨特價值主張保持積極態度。
對於抖音進軍外賣市場,麥格理指雖然抖音只收取2至3%佣金,但根據該行渠道檢查,結合視頻製作和流量獲取的綜合營運成本可能超過15%,較美團8至9%綜合外賣抽成率高很多。隨著抖音最近探索以搜索作為其生態系統戰略的一部分,美團認為其近期的優先事項將是保護現有用戶和商家的份額,該行認為這可能導致近期的盈利波動,並認為商家返利、消費者補貼和業務發展招募將是關鍵的投資領域。
麥格理對美團收入預期不變,但將對其今明年度淨利潤預測分別削減4%和6%,以反映對店內、酒店和旅遊部門更加保守的預測,目標價由198元降至195元,相當於企業價值對EBITDA的25倍,維持「跑贏大市」評級。
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