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美團業績前瞻的三個關鍵點

美團點評—W(SEHK:3690)快將公布上半年業績,一文看清箇中亮點。 – Meituan Dianping

週五(8月21日)美團點評—W(SEHK:3690)公布上半年業績。美團公布業績前夕最適合率先預測今年業績亮點。今次美團業績亮點可以用三個形容詞概括,就是「滴滴出行」、「新業務」及「在線旅遊」。

今年首季美團營業額為167.5億元人民幣,按年下跌12.6%;業績虧轉盈,應佔虧損15.8億元人民幣。

美團業績亮點首個關鍵詞為「新業務」。今年首季美團三大業務板塊餐飲外賣、到店、酒店及旅遊營業額均錄得按年跌幅,惟新業務板塊營業額錄得按年升幅,因為小額貸款及美團閃購建功。

其實,美團的新業務包括共享單車服務、網約車服務、小額貸款、美團月付、B2B餐飲供應鏈服務、美團閃購、美團買菜。

利息收入看高一線

今年5月美團月付正式上線,設有免找數期,但過了找數期仍未結賬,當然要支付利息,第二季利息收入看好。正如美團在首季業績指出疫情令消費者意識到可以利用美團配送外賣,亦可以配送其他物品,故美團在鮮活食物或其他產品的網購都有商機,相信這些商機持續至第二季。

第二個業績亮點關鍵詞為「在網旅遊」,雖然內地遲至7月14日才恢復跨省遊,已經跌出第二季業績,但絕對會影響緊接的第三季業績,「在線旅遊」必定是是次業績的關鍵詞。何況,美團的到店、酒店及旅遊的邊際利潤較外賣業務豐厚,其業務復甦速度勢成投資者焦點。

原來美團在在線旅遊領域主要競爭對手㩦程,早前公布網上旅遊數據,北京遊客搜索量環比增加200%。由此推論,第三季美團的到店、酒店及旅遊業務營業額應可擺脫頹勢。

合併滴滴出行進程成焦點

當然有時重點未必是業績本身而是分析員會議的片言隻語,美團第二季業績也不例外,業績以外的亮點關鍵詞是「滴滴出行」。美團合併滴滴出行的傳聞已久,為美團股價急在年初至今急升超過100港元的原因之一。因為美團一但合併成功,可以在網約車市場統一天下,減低在網約車業務補貼;合併進程是分析員必問問題。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Steven Cheung沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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