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<Research>UBS Cuts MEITUAN-W's TP to HKD200 w/ Lower Earnings Forecasts
MEITUAN-W (03690.HK) saw an 18% YoY increase in its 1Q25 revenue, slightly beating expectations, UBS wrote in its report. Driven by robust core local business profits, the company&...
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<Research>UBS Cuts MEITUAN-W's TP to HKD200 w/ Lower Earnings Forecasts
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MEITUAN-W (03690.HK)  +8.600 (+6.545%)    Short selling $1.22B; Ratio 20.856%   saw an 18% YoY increase in its 1Q25 revenue, slightly beating expectations, UBS wrote in its report. Driven by robust core local business profits, the company's adjusted operating profit also exceeded expectations by 12%.

In UBS' opinion, intensified competition with JD-SW (09618.HK)  +5.400 (+4.269%)    Short selling $88.72M; Ratio 10.626%   and BABA-W (09988.HK)  +2.400 (+2.074%)    Short selling $426.93M; Ratio 11.068%   may weigh down MEITUAN-W's core local business growth and profit margins in the short term, while valuation premiums may also limit its upside potential and keep its stock price under pressure. In the long term, however, the broker predicted competition to stabilize and MEITUAN-W's GTV to reach RMB360 billion this year.

Related NewsG Sachs Lists YoY GMV Changes, Mkt Shr Forecasts for Major CN E-commerce Platforms in 1Q (Table)
UBS lowered its 2025-27 EPS forecasts for MEITUAN-W by 14-19% and its target price from HKD232 to HKD200, with a Buy rating remaining in place.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-29 12:25.)

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