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《大行》花旗降美團(03690.HK)目標價至188元 料第三季競爭達高峰
阿思達克 08-05 09:29
花旗研究報告指,過去三個月,行業競爭加劇令美團-W(03690.HK)股價下跌,本年至今累跌約19%。即使近期監管機構發出警示,且同行的促銷力度稍有緩和,但第三季可能是外賣競爭強度的高峰,因此該行對即時零售領域仍持謹慎態度,尤其是考慮到今年末季購物節期間,折扣及補貼可能集中於推動即時零售及閃購業務訂單量,進一步壓縮盈利前景。另外,隨著Keeta近期擴張至沙地阿拉伯更多城市,並準備進軍其他海灣國家及巴西,料美團短期內縮減海外擴張計劃的可能性有限。 該行料今年次季集團總收入按年升13.4%至933億元人民幣(下同),非通用會計準則(non-GAAP)淨利潤83.6億元。至於第三季,料總收入按年增10.3%至1,032億元,經調整淨利潤88億元,利潤率8.5%。估值調整後,目標價由192港元下調至188港元,維持「買入」評級,因預期美團可透過執行力應付短期盈利波動。
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