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<Research>CLSA Estimates MEITUAN-W (03690.HK) 1Q Food Delivery Loss to Narrow Sharply QoQ to RMB7B
Recommend 16 Positive 25 Negative 14 |
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MEITUAN-W (03690.HK) is hopefully to hail gradually easing food delivery subsidy war, but its in-store services will still face competitive pressure, CLSA said in its report. The broker expected MEITUAN-W's total revenue in 1Q26 to grow 5% YoY to RMB91.2 billion, with adjusted Lbit (loss before interest and tax) narrowing QoQ to RMB7.1 billion. CLSA projected MEITUAN-W's core local commerce (CLC) revenue in 1Q26 to remain flat YoY, while losses narrow to RMB4.5 billion, mainly because the company focused subsidies on high-value users and core in-store verticals. The broker maintained its adjusted net profit forecast and TP at HKD120, reiterating an Outperform rating. CLSA expected MEITUAN-W's food delivery revenue in 1Q26 to fade 7% YoY to RMB37.9 billion, due to lower average order value and commission rates, while order volume lifted only 7% amid Lunar New Year competition. However, as MEITUAN-W focused subsidies on high-value users and high-AOV orders, food delivery losses are expected to narrow sharply QoQ to RMB7 billion, compared with RMB13 billion in 4Q25. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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