《大行報告》美銀證券下調美團(03690.HK)目標價至287元 評級「買入」
美銀證券發表研究報告指,觀察到美團(03690.HK)主要業務現時競爭格局基本保持穩定,第三季外賣配送訂單按年增長25%,增幅與同業餓了麼相近;酒店訂單錄得按年增長,對比期內攜程(09961.HK)或錄得下降。
報告指出,在有地區封城和宏觀消費放緩的情況下,管理層料未來數季仍拖累美團增長,並認爲社區團購業務投資回報率仍有改善空間。該行預料,未來美團將可改善外賣、酒店和社區團購的補貼水平,重申「買入」評級。
美銀證券表示,以外賣配送業務第四季增長低於20%計算,將2021至2023年收入預測下調2%至9%,相應將目標價由289元輕微下調至287元。
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