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<Research>M Stanley Keeps Overweight on MEITUAN-W with TP HKD120; New Biz Losses Likely to Narrow in 1Q
Recommend 10 Positive 14 Negative 4 |
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MEITUAN-W (03690.HK) is showing signs of recovery in 1Q26, such as better-than-expected unit economic loss in the food delivery business and overseas business losses, Morgan Stanley wrote in its research report. The company also managed to maintain its market share while widening the gap in unit economic efficiency with its peers. On top of that, the competitive pressure on the profit margin of in-store business is better than expected. In Morgan Stanley's estimation, MEITUAN-W's core local business revenue will remain flat YoY in 1Q26, with operating losses narrowing from RMB10 billion in the previous quarter to RMB4.3 billion, and new business operating losses narrowing from RMB4.7 billion to RMB2.7 billion. Morgan Stanley has given MEITUAN-W a target price of HKD120 and an Overweight rating. AAStocks Financial News |
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