《大行報告》高盛下調美團-W(03690.HK)目標價至252元 評級「買入」
高盛發表報告指,將美團-W(03690.HK)目標價由266元下調至252元,以反映外匯變化,維持「買入」評級。
報告指,美團將於6月2日公布首季業績,雖然3月份疫情封控措施帶來一些負面影響,但業績將基本保持穩定。該行預計,美團首季收入按年增長22%至450億元人民幣(下同),市場共識為增長23%,經調整EBIT虧損為50億元,較去年第四季虧損46億元收窄,而市場共識為虧損48億元。
高盛預計投資者關注點包括疫情對核心業務最新影響,特別是店面、酒店和旅遊業務。其次是疫情封控措施帶來的額外支出和成本影響,若繼續實行動態清零政策,公司對下半年業務預期等。
該行認為,遏制今輪疫情需時,因此將美團今年收入預測下調10%至2,024億元,相當於按年增長13%。在投資紀律加強下,利潤預測大致不變,今年經調整淨虧損預測為100億元,明年經調整淨利潤為270億元,後年為440億元。
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