大和:升美團(3690.HK)目標價至115港元 上調評級至“買入”
大和發表研究報告指,美團點評(3690.HK)第三季業績表現強勁,尤其是外賣業務已連續兩季實現盈利,相信美團已達到重要的扭點。其中,在交易量增長下,“食物+”的策略增長勢頭明顯,預期美團未來在本地服務中可鞏固其龍頭地位。
該行又指,儘管受季節性波動及投資影響,但認為美團經營已有結構性改善及盈利料會上升,故將其投資評級由“優於大市”,上調至“買入”,目標價由85港元,上調35.29%至115港元。
大和認為,美團收入比率上升料可改善毛利率,主因第三季其廣告滲透率仍處於1.4%的低水平;至於到店、酒店及旅遊業務方面,酒店預約率低仍是美團贏得市佔率的策略,相信公司將推出更多促銷活動以加快到店業務的佣金收入增長。
大和將美團2020至2021年收入預測上調5至7%,每股基本盈利預測則升24至29%,以反映其優於預期的變現能力。

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