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<Research>CLSA Slashes MEITUAN-W's TP to HKD185; Delivery Competition & Global Expansion Heap Pressure on Profit Margins
According to CLSA's research report, MEITUAN-W (03690.HK)'s 1Q25 results beat expectations with total revenue/ adjusted EBIT growing by 18%/ 62% YoY to RMB86.6 billion/ RMB...
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<Research>CLSA Slashes MEITUAN-W's TP to HKD185; Delivery Competition & Global Expansion Heap Pressure on Profit Margins
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According to CLSA's research report, MEITUAN-W (03690.HK)  -1.700 (-1.287%)    Short selling $428.29M; Ratio 12.623%   's 1Q25 results beat expectations with total revenue/ adjusted EBIT growing by 18%/ 62% YoY to RMB86.6 billion/ RMB11.2 billion, 1%/ 12% higher than the broker's estimates. The company's food delivery business continued healthy growth, while instant shopping and in-store business achieved solid growth on the back of category expansion.

Despite an improvement in all profit margins along with scale expansion, MEITUAN-W predicted a slowdown in core local commerce revenue growth and a YoY drop in profits in 2Q25 as it intends to tackle competition at all costs and losses from new businesses are expected to increase due to global expansion.

Related NewsDaiwa Elevates MIXUE GROUP (02097.HK) TP to $608, Rating Outperform
CLSA lowered its adjusted net profit forecasts for MEITUAN-W by 7% and 6% for 2025-26. Accordingly, it reduced its target price for the company from HKD195 to HKD185, with an Outperform rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-28 12:25.)

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