《大行報告》美銀證券料美團(03690.HK)末季收入按年增20% 目標價下調至132元
美銀證券發表報告指,美團(03690.HK)將於本月22日公佈去年第四季業績,估計大致符合預期,由於農曆年消費開支較佳,預計今年第一季展望正面。
該行預料美團第四季收入723億元人民幣,按年升20%,核心本地商業收入542億元人民幣,按年升25%,該分部經營溢利率13.6%,當中食品配送收入按年升18%,每訂單經營溢利0.84元人民幣,而到店及旅遊收入按年則升55%,經營溢利率約30%。新業務收入估計182億元人民幣,按年升9%,經營虧損50億元人民幣。該行預期毛利率33%,經調整盈利27.4億元人民幣,大致符合預期。
該行將美團目標價由152元下調至132元,反映市場氣氛疲弱。由於核心業務穩定,公司具有強勁的營運能力,因此維持其「買入」評級。
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