《大行報告》花旗削美團-W(03690.HK)目標價至113元 下調收入及盈測
花旗發表報告,預期美團-W(03690.HK)3月底公布去年第四季業績,料大致符合預期,關注管理層對今年首季及全年的展望,相信食品配送交易量維持溫和增長,但收入及單位收益受宏觀經濟疲弱拖累。在市場競爭加劇、推廣優惠增加下,估計今年到店業務利潤率下跌至29%,而美團優選及海外擴充策略將會成為市場關注重點。
報告指,在行業估值下調及市場競爭威脅下,將美團目標價由179元下調至113元,維持「買入」評級,2023至2025年三年期間的收入預測,分別降0.3%、4.7%及7.7%,non-GAAP盈利預測分別下調0.9%、17%及22%,以反映核心本地商業及新業務收入增長放緩,外賣及到店服務利潤率收窄。
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