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《大行》里昂降美團(03690.HK)目標價至150元 料競爭影響延續至第三季
阿思達克 08-26 09:49
里昂研究發表研究報告,預測美團(03690.HK)核心本地商業業務次季將面臨壓力,目前預測第二季總收入按年增長12%至921億元人民幣;經調整後EBIT則下跌43%至80億元人民幣;核心本地商業收入料增長10%至670億元人民幣,主要來自於即時配送訂單量增長13%及到店交易額增長20%所驅動。 但考慮到市場競爭加劇下,促銷活動增加,該行估計美團平均訂單價值及佣金率將下降,拖累核心本地商業分部經調整EBIT下跌32%至103億元人民幣。里昂預期,增加補貼及騎手成本提升對於外賣業務利潤的影響將延續至第三季;同時Keeta全球擴張,將導致新業務次季虧損擴大至23億元人民幣。里昂相應將美團今明兩年經調整淨利潤預測下調37%和17%,目標價由185港元降至150港元,仍維持「跑贏大市」評級。
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