<Research>Citi Expects MEITUAN-W (03690.HK) In-line 1Q Results; CLC Operating Loss Seen Narrowing to RMB4.6B

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<Research>Citi Expects MEITUAN-W (03690.HK) In-line 1Q Results; CLC Operating Loss Seen Narrowing to RMB4.6B

MEITUAN-W (03690.HK) was expected to announce its 1Q26 results before the end of May, with performance in line with the broker's and market's expectations, Citi said in its...

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<Research>Citi Expects MEITUAN-W (03690.HK) In-line 1Q Results; CLC Operating Loss Seen Narrowing to RMB4.6B

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MEITUAN-W (03690.HK) +0.850 (+1.035%) Short selling $262.95M; Ratio 25.436% was expected to announce its 1Q26 results before the end of May, with performance in line with the broker's and market's expectations, Citi said in its report.

The market will shed light on a notable QoQ narrowing of the Core Local Commerce (CLC) operating loss. The broker forecast the loss at RMB4.6 billion, narrowing by RMB5.5 billion from the previous quarter, reflecting stricter subsidy control by the company amid an improving competitive environment.

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Looking ahead to 2Q26, the broker expected CLC revenue to elevate QoQ, on the back of seasonal peak demand and easing competitive pressure, with the operating loss likely to narrow further.

The Buy/High Risk rating was maintained, with a TP of HKD110.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-19 12:25.)

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