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《大行报告》大和上调美团(03690.HK)目标价至500元 到店、酒店及旅游板块料获重评
阿思达克 01-27 11:51
大和发表研究报告,指美团(03690.HK)料将於3月底公布去年业绩,该行过去报告曾指美团在社区团购市场上较同业有更大成功机会。过去两个月,该行留意到订单量增长较预期快,该行向美团优选独立进行估值,以反映其在整体潜在市场市占扩张。

该行亦预期美团到店、酒店及旅游板块今年有具意义的重评,主因本地旅游及本地服务收入复苏料胜市场预期。报告下调美团2021至2022年经调整盈测介乎56%至98%,以反映投资开支增加;惟上调目标价,由370元升至500元,维持「买入」评级。

大和料美团去年末季送餐收入按年升34%,受惠订单按年增32%及每宗平均消费按年升4.5%。该行料受惠去年低基数,今年送餐收入料按年升56%。另到店、酒店及旅游方面,该行料末季收入按年升11%,源於到店用餐仍受疫情反覆影响,本地服务商户推广开支仍在恢复。随着境内旅游全面复苏及线下本地服务活动增加,该行料今年美团到店、酒店及旅游收入按年升55%。

美团新业务方面,该行料去年末季亏损扩大至60亿元人民币,主因共享单车季节性疲弱、利润率较低的美团闪购及Kuailv供应链收入贡献占比上升;由於社区团购仍届早期投资阶段,料美团优选末季带来约30亿元人民币亏损。不过,在强劲势头下,料美团优选今明两年收入分别达130亿及307亿元人民币。

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