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《大行》交銀國際降美團(03690.HK)目標價至165元 看好外賣業務營運能力
阿思達克 05-28 10:24
交銀國際發表研究報告,指美團-W(03690.HK)首季收入按年增18%,基本符合市場及該行預測;核心商業經調整經營溢利率21%,勝於該行預測的19%;新業務虧損率10%,符合該行預期。 該行表示,次季外賣市場競爭加劇,美團預計將加大外賣業務投入以穩定市佔。該行預計,外賣單量按年增速中高個位數,閃購仍維持略為超過30%的單量增速,即時配送日單預計達到7,500萬單,按年升11%。新業務受零售及Keeta帶動,預計收入增長22%,虧損或約26億元人民幣。 該行認為,補貼戰對流量拉動顯著,但持久度仍有待考證,美團外賣仍有領先優勢,看好其外賣業務營運能力,並有較大機率維持市佔。該行估算。集團今年利潤增速約7%,按目標市盈率20倍計,目標價下調至165港元,維持「買入」評級。
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