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<Research>Citi Drops MEITUAN-W (03690.HK) TP to $115, Keeps Neutral Rating
Recommend 14 Positive 17 Negative 11 |
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Key points from MEITUAN-W (03690.HK)'s 3Q25 earnings conference call include expectation that core local commerce (CLC) and operating losses will persist into 4Q25, with ongoing intense competition, Citi Research issued a research report saying. Food delivery losses are anticipated to improve QoQ, while retail and in-store business will show a declining trend QoQ. In-store business growth will further slow, with operating profit margins continuing to slip due to macroeconomic environment, intensified competition and overlapping business. In the long term, the report added that, although MEITUAN-W's management reiterated the goal of achieving 100 million daily average order volume and restoring reasonable profitability, the actual number of user and profit margin upside remain highly dependent on competitors' actions and strategies. Therefore, the broker kept rating at Neutral, and dropped its target price from $117 to $115. AASTOCKS Financial News Website: www.aastocks.com |
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