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中銀國際升對美團(03690.HK)目標至183元 受惠短線遊旺 料第三季業績強勁復甦
阿思達克 06-11 16:01
中銀國際發表報告表示,上調對美團點評(03690.HK)目標價由106元升至183元,此按現金流折現率作估值,相當預測今明兩年非通用會計準則市盈率各225倍及87倍,重申「買入」投資評級,料公司可主要受惠於內地短線旅遊需求復甦,相信至暑假期間,原先長線遊會轉變成內地短線遊延長日數,受益於公司旗下到店、酒店及旅遊業務產品。

該行指,國統局資料顯示,今年4月至5月乘客流量跌幅收窄,4月航線機票單價下16%,而具一定途程的鐵路票價則上升2%,顯示內地短線旅遊需求復甦。該行料美團於今年第二季盈利能力會持續受壓,料期內非通用會計準則虧損10.74億人民幣,雖然到店、酒店及旅遊需求於5月下旬復甦,估計公司於第三季及第四季會錄得明顯復甦。

中銀國際表示,上調對美團點評今年純利預測47.8%至42.6億人民幣,惟調低對其2021年及2022年純利預測各30.2%及50.3%,因計及送餐業務毛利率受壓因素。該行料美團於2020年至2022年經調整純利預測各42.64億、118.67億及132.51億人民幣,料每股經調整盈利預測各為0.734、1.891及2.031元人民幣。

該行料美團今年首季非通用會計準虧損2.16億人民幣,料第二季虧損10.74億人民幣,並估計第三季及第四季非通用會計準則轉錄純利分別29.92億及25.62億人民幣。(wl/k)

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