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《大行報告》摩通:美團-W(03690.HK)未來數年利潤增長能見度高 評級「增持」
阿思達克 11-28 11:46
摩根大通發表研報指,在疫情影響下將美團-W(03690.HK)未來幾個季度收入預測下調,但仍然認為美團的長期盈利潛力維持不變,憧憬重啟邊境(料明年下半年)放寬後可受惠於消費市場反彈,美團的收入增長屆時料見起色。 該行又指,美團核心本地商業業務利潤健康增長,同時新業務持續推進成本優化,預期2023年經調整淨利潤可增長6倍,成為該行覆蓋中增長最快的消費互聯網股票,且未來數年利潤增長能見度高,並屬中國潛在重啟邊境的最佳投資標的之一,維持「增持」評級。 摩通降美團今明兩年收入預測分別2%及3%,並降明年經調整每股盈測10%,以反映內地防疫措施影響較預期嚴重。報告表示,美團短期內面對的不利因素較原先預期嚴重,預計今年第四季及明年首季美團核心本地商業收入按年增長將放緩至10%及13%,然後於明年第二季反彈至26%,預期股價仍可能面臨短期壓力,加上人民幣兌美元匯價轉弱,將目標價由260元降至235元。
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