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<Research>BOCI Upgrades MEITUAN-W (03690.HK) to Buy, Raises TP to HKD110
Recommend 29 Positive 47 Negative 24 |
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BOCI published a report on MEITUAN-W (03690.HK), which delivered an impressive narrowing of losses in its Core Local Commerce (CLC) segment in 1Q26. During the period, total revenue hiked 6% YoY to RMB91 billion, in line with market expectations. Thanks to better-than-expected improvement in food delivery unit economics (UE), CLC recorded an operating loss of RMB2 billion, 53% mush lower than market expectations. BOCI forecast that MEITUAN-W's revenue growth will accelerate in 2Q26, growing 11% YoY to RMB102.1 billion, with revenue from CLC and new businesses expected to lift 6% and 23% YoY, respectively. The broker radically narrowed its loss forecast for 2026 and raised its profit forecast for 2027 to reflect improving momentum in the CLC business. BOCI upgraded MEITUAN-W from Hold to Buy and raised its TP from HKD100 to HKD110. 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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