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<Research>Citi Chops its MEITUAN-W (03690.HK) TP to $192 as Firm Determined to Win Mkt Shr w/ More Investment in Food Delivery
While MEITUAN-W (03690.HK)'s 1Q25 results beat expectations, with the outperformance in core local commerce (CLC) operating profit and narrower new business losses, management ...
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<Research>Citi Chops its MEITUAN-W (03690.HK) TP to $192 as Firm Determined to Win Mkt Shr w/ More Investment in Food Delivery
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While MEITUAN-W (03690.HK)  +8.400 (+6.393%)    Short selling $1.22B; Ratio 20.856%   's 1Q25 results beat expectations, with the outperformance in core local commerce (CLC) operating profit and narrower new business losses, management expected CLC revenue growth to decelerate in 2Q25 from 1Q25 against the backdrop of intensifying competition and a significant YoY decline in CLC operating profit given its commitment to defend its market share through counter revenue subsidies and higher sales and marketing expenses, according to Citi Research.

Management is confident of winning market share based on its track record and accumulated operating experience.

Related NewsCLSA Slashes MEITUAN-W's TP to HKD185; Delivery Competition & Global Expansion Heap Pressure on Profit Margins
After revising its forecasts, Citi Research chopped its target price for MEITUAN-W from $204 to $192. Based on solid execution, the broker kept rating at Buy.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-29 12:25.)

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