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《大行報告》麥格理下調美團-W(03690.HK)目標價至190.9元 評級「跑贏大市」
阿思達克 05-29 10:47
麥格理發表報告指,美團-W(03690.HK)首季業績好過預期,展現公司在宏觀環境挑戰下仍能具備良好營運效率及韌性,對其長期正面看法沒有改變,但認為市場對到店和酒店業務競爭的擔憂,可能會繼續導致近期股價波動。 由於增長是今年主要目標,管理層強調需要從第二季起加強對消費者及商家激勵,麥格理預期可能會導致今年餘下時間變現率遭攤薄及營銷開支增加。 麥格理預測美團第二季核心本地商業收入將按年增長38%,經營利潤將達到100億元人民幣,經營利潤率料達30%。該行將美團今明兩年經調整EBITDA預測下調3%及1%,目標價由195元下調至190.9元,維持「跑贏大市」評級。
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