植耀辉: 外围焦点美就业数据 美团(03690.HK)巨亏前景具挑战
耀才证券研究部总监植耀辉称，美股上周五表现不俗，三大指数均录得升幅，全周计道指及标普500指数分别累升0.9%及1.2%，纳指则累升2.1%。展望本周，美国将公布5月就业数据以及ISM制造业PMI数据表现。
至於港股，上周表现相当不俗，全周计累升399点或1.4%，为连续第二个星期上升，两周计升幅亦近1,100点。当然，根据以往统计，6月份大市表现预期将相当反覆，建议投资者对後市宜抱一定戒心。预期大市初步上望目标仍为29,300至29,400点。
亦要谈谈美团(03690.HK)业绩表现。截至3月底止收入按年大升120.9%至370.16亿元人民币(下同)，当中餐饮外卖以及到店、酒店及旅游业务之经营溢利均有可观表现，前者成功亏转盈，後者则大升超过3倍，不过由於新业务录得巨额亏损，令经营亏损大增1.8倍至47.67亿元，经调整後亏损净额亦由去年同期之2.16亿元，急增至38.92亿元。
当然，由於美团在较早时间，即去年全年业绩时已透露未来因加大新业务投入而可能未来数个季度出现巨亏，故笔者对此并不感到太过意外，问题只是巨额亏损何时告一段落则为关键。不过，观乎去年第四季及今年第一季的情况，新业务之经营亏损由60亿元增至80亿元来看，反映「烧钱」仍未见顶，未来数季能扭亏的机会亦不大。加上尚有行业监管及反垄断措施等因素，恐怕不明朗因素仍相当多，故笔者续看淡其股价前景。
(笔者为证监会持牌人，并未持有相关股份)
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本周留意美国多项经济数据
耀才研究部称，美股上周五(28日)微升，道指及标指连升三日，纳指则升至三个星期最高。本周有多项重磅事件值得留意，首先美国将公布PMI及两个非农就业数据，其次为首领失业救济金人数，以及联储局主席鲍威尔将发表讲话，到底就业市场能否持续改善，将对联储局未来的政策取态将有重要影响，始终过去一季市场已经见到通胀数据有较强的上升。内地今早公布5月官方制造业和服务业PMI数据，分别为51及55.2，跟市场预测的51.1及55.1相差不大。美团(03690.HK)第一季收入胜预期，三项业务按年均升逾1倍，但Non-GAAP经调整亏损38.92亿元人民币(下同)，去年同期亏损2.16亿元，主要由於新业务经营亏损按年扩大近5倍所致。
港股上周五急挫，短线阻力仍为保力加通道顶部29,200点水平，不过10天线持续升穿多条较长移动平均线，目前仍有足够买入动能，只要恒指於短期续企稳29,000点关口之上，後市不宜胡乱看淡。
(笔者为证监会持牌人)~
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