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<Research>Daiwa Keeps Buy Rating on MEITUAN-W (03690.HK), Expects Keeta Loss to Widen Next Yr
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MEITUAN-W (03690.HK) showed a gradual moderate recovery across various businesses in its 3Q25 results, Daiwa published a research report saying. The losses in the food delivery business are stabilizing, while the profit margin of the in-store business may be under pressure, with 2026 new business losses expected to be similar to this year. Regarding new businesses, Daiwa anticipated 4Q25 losses to reach RMB4 billion. MEITUAN-W revealed that Keeta's Hong Kong operations have achieved breakeven in October 2025, and management is confident in Keeta's development in the Middle East and Brazil. However, Daiwa believed that increased investment will lead to expanded losses for Keeta next year. Therefore, the broker kept rating at Buy on MEITUAN-W, and chopped its target price from $170 to $140. Daiwa also lowered its 2026-2027 EPS estimations by 23-43%. AASTOCKS Financial News Website: www.aastocks.com |
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