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《大行報告》招銀國際降美團(03690.HK)目標價至161.5元 積極競爭策略令短期毛利率承壓
阿思達克 11-30 15:42
招銀國際降美團(03690.HK)目標價,由178元降至161.5元,維持「買入」評級。 報告指,美團採取主動競爭策略提振餐飲外賣業務增長,並警惕來自抖音的長期持續競爭,有關策略包括把低級別城市到店業務經營模式由第三方轉爲第一方,換取對業務營運的更佳控制,有關做法短期令經營溢利率受壓,但或有利長期收入增長。 報告又指,美團可能在現季度增加對餐飲外賣用戶的補貼,以在疲弱宏觀環境下刺激需求,可能導致單位效益按年轉差。報告亦稱,管理層致力投資美團優選業務,並相信該業務對公司長期發展具策略重要性,亦預計該業務明年虧損收窄。
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