大行評級|建銀國際:上調美團目標價至200港元 第三季業績全方位超出預期
建銀國際發表研究報吿,美團今年第三季業績全方位超出市場預期,雖然公司目前的業務規模已發展得較龐大,但預期其核心本地商業業務未來仍會繼續錄得健康增長。展望未來,正向營運槓桿、市場競爭格局緩和,以及業務變現提升,將推動美團核心本地商業業務利潤率增長,進而有助於抵銷公司拓展海外業務對利潤率所帶來的影響。該行重申對美團的“跑贏大市”評級,目標價從176.1港元上調至200港元,對應2025年核心本地商業業務每股價值182.3元,相當於預測市盈率約20倍(原本16倍);以及新業務每股價值17.7元,相當於市銷率1.0倍(原本2.0倍)。該行將美團2024至2026年收入預測上調1%、1%及2%,經調整淨利潤預測上調2%、2%及3%。
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