大摩:重申美團(3690.HK)“增持”評級 目標價上調至135港元
大摩發表報告表示,美團點評(3690.HK)首季收入及經調整虧損表現均勝於預期,公共衞生事件後外賣業務強勁地恢復,且出現正面結構性改變。重申美團“增持”評級,目標價由120元上調至135港元,相當預測明年市銷率4.8倍。
該行表示,美團在外賣業務收入增長勝同業,新業務投資有可能帶來成果,長線前景理想。
該行還稱,美團點評股價由年初以來已累升21%,投資者相信公共衞生事件的影響僅屬短期影響,內地服務型電商增長前景看到,美團點評首季業績可掃除市場憂慮。
該行料美團在內地本土市場具領先優勢,稱其2019年至2021年複合增長率為27%,收入增長可領先同業。且隨着其經營規模擴大及作出新投資,料其毛利率潛在可獲提高。

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