《大行》美銀證券降美團(03690.HK)目標價至136元 重申「買入」評級
美銀證券研究報告指,自淘寶閃購月初推出500億元人民幣(下同)補貼計劃後,內地的食品及即時配送市場競爭於上週末急劇升溫。美團-W(03690.HK)與淘寶分別錄1.2億及8,000萬單的日訂單量紀錄,增長主要來自高額補貼。
該行預期競爭至少持續至11月「雙十一」促銷,而單季投資可能於第三季達至高峯。該行預測美團今年核心本地商業(CLC)經營利潤達422億元,並有120億元額外預算用於在激烈競爭下防禦市場份額;並對美團2025及26年調整後淨利潤預測分別下調26%及7%。
該行預測美團2025至27年各年收入分別增長16%、15%及14%,經調整淨利潤分別料322億、474億及651億元;目標價由155港元降至136港元,重申「買入」評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.