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<Research>BofAS: MEITUAN-W's Results in Line; CLC Loss Expected to Narrow in 1Q
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MEITUAN-W (03690.HK)'s 4Q25 results were in line with expectations, with total revenue growing by 4.1% YoY, roughly meeting market forecasts, according to a report from BofA Securities. The company's core local commerce (CLC) revenue decreased by 1.1% YoY, narrowing from the 2.8% seen in 3Q25. Benefiting from the reduced industry subsidies as a result of the government's "anti-involution" measures, coupled with weak seasonal demand, management expects that MEITUAN-W's 1Q26 CLC loss will narrow to less than RMB5 billion, implying a per-order loss improvement to RMB1.2-1.3. BofA Securities has kept a target price of HKD106 for MEITUAN-W, with a Neutral rating. AAStocks Financial News |
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