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<Research>CLSA Chops MEITUAN-W (03690.HK) TP to $135, Projects 3Q Loss to Be RMB16.3B
Recommend 26 Positive 30 Negative 14 |
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CLSA anticipated that MEITUAN-W (03690.HK)'s 3Q25 core local commerce revenue will decline by 1% YoY to RMB68 billion due to intense competition. Total revenue growth rate will slow to a YoY growth of 4%, reaching RMB97 billion. Due to increased subsidies and rider costs in core local commerce and higher global losses from global expansion, CLSA estimated that MEITUAN-W will record a loss of RMB16.3 billion in 3Q25. The loss is expected to narrow in 4Q25, but downside risks remain. The broker lowered its FY2025/ 2026/ 2027 adjusted net profit forecasts for MEITUAN-W by RMB1.6 billion/ RMB15 billion/ RMB9.7 billion respectively. CLSA also chopped its target price from $143 to $135, with rating kept at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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