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《大行報告》美銀證券下調美團-W(03690.HK)目標價至152元 增長保持韌性
阿思達克 11-30 15:33
美銀證券發表報告指出,美團-W(03690.HK)第三季業績好壞參半,業務增長大致符合預期,但到店/酒店的經營利潤率略低於市場預期,主要由於對新渠道及產品的投資影響。 該行相信美團管理層仍專注於投資回報率及提升效率,但對不同業務的投資亦可驅動增長。當中,外賣業務透過增加補貼和降低團購產品訂單規模,以推動更佳的訂單增長,使訂單於今年下半年維持按年增長20%水平,預期明年增長15%;在與流量平台的競爭中持續投資於到店相關業務,有利於總交易額(GTV)增長;美團優選作為一項新業務,將繼續獲得包括補貼在內的各種支持,以擴大產品和用戶覆蓋範圍。 因此,該行認為美團今年下半年及明年的投資規模可能會保持在較高水平,該行將公司2023至2025年每股盈利預測下調15%,對其目標價由186元下調至152元,對公司業務增長及強勁營運維持正面看法,但相信市場或需時評估公司的投資及增長策略。另於波動的市場中,預期公司將實現更多如回購等的股東回報措施。
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