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<Research>JPM Cuts MEITUAN-W's TP to HKD95 on Fiercer Competition & Reduced Earnings Visibility
Recommend 22 Positive 40 Negative 33 |
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JPMorgan said in its research report that it will adopt a cautious stance based on MEITUAN-W (03690.HK)'s 3Q25 results. It also suggested investors should temporarily take a wait-and-see approach, while paying attention to three key areas: competition in the food delivery business, the sustainability of profits in the in-store business, and the execution of overseas expansion. These three areas are facing substantial uncertainties in terms of the intensity and duration of subsidies in the food delivery business, the stabilization speed of profit margins in the in-store business, and the capital intensity and return cycle of overseas investments. These factors collectively weaken financial visibility and increase the risk of earnings volatility. JPMorgan kept a Neutral rating on MEITUAN-W and cut its target price from HKD100 to HKD95. AAStocks Financial News |
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