《大行》野村削美團(03690.HK)目標價至123元 與阿里競爭料本季見頂
野村發表研究報告指,阿里-W(09988.HK)(BABA.US)目標在未來兩個月內將外類業務每單虧損減少50%,這表明阿里和美團(03690.HK)之間的競爭可能在今年夏天,即第三季見頂。
野村認為,兩間公司,尤其是阿里,將在一段時間內維持高於平常的補貼,以留住新客戶。阿里和美團的外賣業務虧損在第三季都可能大幅增加。該行估計,美團外賣業務虧損在第三季度可能達到188億元人民幣,即每單虧損2.71元人民幣,而阿里在同一季度的虧損可能達到358億元人民幣。由於外賣業務規模較小,阿里不得不在投資上超過美團,以吸引用戶並加強其配送網絡,而由於訂單激增,料美團第三季承受到壓力。
該行預計,第四季美團的外賣業務虧損將收窄至51億元人民幣,即每股虧損0.77元人民幣。美團點評仍將是中國最大的外賣業務公司,但其主導地位可能會減弱。野村將美團目標價由176港元下調至123港元,其評級為「買入」。
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