《大行報告》麥格理升美團(03690.HK)目標價至118元 盈利拐點在望
麥格理發表研究報告指,美團(03690.HK)的股價在過去三季大幅下跌,是由於投資者憂慮本地服務行業的競爭激烈,及社區團購(CGB)業務的利潤率受到嚴重拖累,盈利可見度不足。然而,集團顯示其核心本地商業業務(CLC)增長具有彈性。
麥格理表示,雖然競爭仍然存在,但美團一直穩定市場定位及不斷擴大用戶及商家基礎,相信可以有助轉化為未來更穩定的局面。該行上調集團2024及25年的經調整EBITDA預測18%和20%,以反映利潤正在復甦,又將目標價上調11%至118元,重申「跑贏大市」評級,並預計其盈利將於下半年出現拐點。
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