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<Research>Daiwa Chops MEITUAN-W (03690.HK) TP to $110 on Positive Near-term Outlook, LT Margin Concern
Daiwa issued a research report updating its forecasts for MEITUAN-W (03690.HK) across its food delivery, Instashopping, in-store, hotel and travel segments. The broker kept its rev...
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<Research>Daiwa Chops MEITUAN-W (03690.HK) TP to $110 on Positive Near-term Outlook, LT Margin Concern
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Daiwa issued a research report updating its forecasts for MEITUAN-W (03690.HK)  0.000 (0.000%)    Short selling $736.65M; Ratio 13.348%   across its food delivery, Instashopping, in-store, hotel and travel segments. The broker kept its revenue forecasts for 1Q26/ 2026 largely unchanged, as food delivery losses narrowed faster than expected.

However, the normalization of growth in the physical store business, price hike pressure from competitors and recent fines imposed by regulators on MEITUAN-W and other e-commerce platforms will set a cap for the Group's long-term profitability, posing a key overhang.

Therefore, Daiwa reiterated rating at Buy on MEITUAN-W, but chopped its target price from $120 to $110. The broker also raised its 2027 EPS forecast by 5% to reflect a faster recovery in delivery segment's unit economics.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.)

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