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《大行》建銀國際降美團(03690.HK)目標價至157.4元 料不太可能發生持續價格戰
阿思達克 05-27 16:23
建銀國際發表報告指,美團-W(03690.HK)第一季業績勝預期。在財報電話會議上,管理層承諾將採取一切必要措施來捍衛市場份額。該行預期補貼和銷售及市場推廣費用增加將在短期內影響美團外賣的收入和單均盈利,惟認為不太可能發生持續價格戰。 鑑於較高的補貼侵蝕營收、加強對中東Keeta的投資,以及巴西業務擴張,該行將美團 2025至2027年營收預測各下調3%、4%及3%,盈利預測各下調28%、31%及22%。目標價由199元下調至157.4元。 該行指,儘管短期內美團仍面對挑戰,但對美團在本地服務領域的領導地位仍持建設性看法。假以時日,競爭將更趨理性,而海外業務亦將開始取得成果。因此雖然更激烈的競爭環境會影響美團近期的股價表現,仍維持「跑贏大市」的評級。
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