《大行報告》美銀證券下調美團-W(03690.HK)目標價至185元 評級「買入」
美銀證券發表研報指,美團-W(03690.HK)去年度各項業務收入增長穩健,到店旅遊業務成為主要盈利貢獻來源,有助抵銷新業務的經營虧損。
管理層展望今年送餐市場持續向好,社會重新開放後到店業務需求增加,美銀相信,隨著中國線下活動迅速恢復,將有利於美團的整體業務增長。
考慮到行業競爭激烈,該行將到店業務今明兩年經營利潤率預測由原先41%下調至36%,預期對業務分部盈利有6%及9%影響,但在收入增長下影響屬有限。在成本控制措施進一步推進下,該行亦將美團2023至2024年收入預測上調3%及1%,但由於投資增加,每股盈利預測則下調7%及4%。
美銀將美團的目標價從192元降至185元,對應2024年預測市盈率37倍,看好外送及到店業務的長期增長潛力,重申「買入」評級。
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