《大行報告》大和:市傳美團(03690.HK)或遭罰10億美元佔去年外賣收入一成 指騎手監管風險對股價構成壓力
大和發表報告表示,就《華爾街日報》引述消息指,內地反壟斷監管機構認為美團(03690.HK)阻止企業在競爭對手的平台上銷售商品,將向美團罰款約10億美元,該行料10億美元罰款(約65億元人民幣),將佔美團2020年外賣業務收入的10%,這將為於內地反壟斷行為罰款範圍的較高水平(正常罰款金額相當於公司有關板塊收入介乎1%至10%)。
該行指,4月26日中國國家市場監督管理總局在一份聲明中宣布,將對美團網涉嫌「二選一」壟斷行為展開立案調查。該行注意到,美團截至2021年3月底擁現金和現金等價物178億人民幣,並在4月份通過發行股票和可轉換債券籌集約100億美元。若上述傳聞屬實,以及當局對美團反壟斷的判決調查最終公布,該行認為這將部分消除美團的監管壓力,但認為罰款和運營變化不太可能對美團在外賣業務核心競爭力產生重大影響,但對騎手等領域的持續監管風險、社保覆蓋率、薪酬和稅率仍可能對其盈利增長和股價構成壓力。
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