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<Research>CICC Maintains MEITUAN-W (03690.HK) at Outperform, Expects Marginal Competition Easing and Potential Loss Narrowing This Yr
Recommend 16 Positive 15 Negative 10 |
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A research report by CICC wrote that MEITUAN-W (03690.HK) logged a 4% YoY elevation in revenue to RMB92.1 billion in 4Q25. In light of heightened user subsidies and advertising expenses amid competition, paired with higher overseas efforts, the adjusted net loss reached RMB15.1 billion. Given the recent marginal relief of competition, CICC revised its earnings forecast for 2026 from a loss of RMB9.7 billion to a loss of RMB8.5 billion. However, in view of subsequent uncertainties, it axed the 2027 earnings forecast by 8.2% to RMB27.5 billion. Due to the company's operational efficiency advantages, CICC maintained its Outperform rating for Meituan with a target price of HKD125. AASTOCKS Financial News Website: www.aastocks.com |
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