《大行報告》花旗升美團-W(03690.HK)目標價至229元 維持「買入」評級
花旗發表研究報告指,預計美團-W(03690.HK)的2022財年第四季業績可能會略好於預期。隨著中國渡過疫情帶來的干擾,商業活動以快於預期的速度恢復,該行料美團2023財年首季以至2023及24財年均會錄得更快的收入和利潤增長。該行認為,因騰訊(00700.HK)配股而導致的近期股價陰霾將在3月底後逐漸消退,投資者將注意力轉移到基本面反彈的強度上。儘管對來自短視頻平台的競爭加劇的擔憂或仍然存在,但該行認為,強勁的需求反彈和強勁的執行力,復甦趨勢可能比預期更理想,但掩蓋短期內競爭加劇,並重振投資者情緒。該行將美團目標價由202元上調至229元,並決定開啟90天正面催化觀察,維持「買入」評級。
花旗表示,將美團2023總收入和非通用會計準則淨利潤預測分別上調5%和8.1%,而2024年則分別升5.6%和6.1%,以反映比預期更快的重新開放正常化趨勢。雖然該行維持2022財年第四季的預測不變,但將今年首季的收入和非通用會計準則淨利潤分別上調3.9%及1.4%,以反映春節後的復甦速度和需求反彈快於預期,並考慮到春節期間針對疫情保護和供應短缺向騎手提供更高的補貼。
至於2022財年的第四季,該行預計總收入按年增19%至578億元人民幣,非通用會計準則淨利潤為12.4億元人民幣,高於市場預期。2023財年首季收入升23.9%至573億人民幣,經調整淨利潤4.77億人民幣。
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