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<Research>CLSA Lowers MEITUAN-W (03690.HK) TP to HKD120 Due to 4Q25 Results Miss
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MEITUAN-W (03690.HK) delivered 4Q25 results miss, with total revenue growing by 4% YoY to RMB92 billion, CLSA said in a research report. The quarterly adjusted LBIT recorded RMB14.7 billion, 12% above the broker's expectations, due to higher new initiative losses. The core local commerce continued to face intense competition. Meituan is shifting towards pursuing quality growth and reducing subsidies on low-value orders and non-core categories. This move will slow revenue growth but accelerate improvements in unit economics (UE). The broker lowered its adjusted net profit forecasts for FY26 and FY27 by 8% and 5%, respectively, and reduced the target price from HKD135 to HKD120, maintaining an Outperform rating. AASTOCKS Financial News Website: www.aastocks.com |
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