《大行報告》摩通下調美團-W(03690.HK)目標價至190元 評級「增持」
摩根大通發表報告指,預料自今年次季起,美團-W(03690.HK)將其業務戰略轉向到店市場的競爭,主要是隨著本地消費需求的恢復和回升,市場流量重置了美團和之抖音的定位競爭。該行指,美團去年第四季業績或會緩解投資者對抖音的競爭為店內業務帶來影響的擔憂,主要是今年上半年本地消費復甦強勁。
該行預料,投資者對抖音競爭的擔憂,將會變為減少關注和近期影響屬可量化。該行料不久後美團股價會對此結果作出積極反應。
摩通預料,美團今年首季及次季的店內收入增長分別按年回復至23%及44%,同時亦預料在接下來的季度,美團店內營運利潤率跌35%,同時今年及明年店內收入增長或會反彈至35%及25%。
該行將美團目標價由200元下調至190元,維持「增持」評級。(ca/w)
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