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<Research>Daiwa Elevates MEITUAN-W (03690.HK) TP to $160; Sector Top Picks Include TENCENT (00700.HK), Trip.com (TCOM.US)
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Among Chinese tech companies, TENCENT (00700.HK) and Trip.com Group Limited (TCOM.US) are Daiwa's top picks, followed by MEITUAN-W (03690.HK), PDD Holdings Inc. (PDD.US) and Alibaba Group Holding Limited (BABA.US), Daiwa released a a research report saying. Daiwa also elevated its target price for MEITUAN-W from $145 to $160. The macro situation may continue to be a major headwind for Chinese dotcoms, and e-commerce companies were negatively impacted by the fall in average price per order and price competition YTD, according to the report. However, Daiwa noted the major positives for MEITUAN-W and Trip.com Group Limited, believing that Trip.com's hotel business is poised to further gain market share in 2024 and 2025, with the main catalyst being the increasing revenue contribution from its international travel business. MEITUAN-W's in-store GMV increased by over 40% YoY in July and August, while its food delivery business unit economy improved on lower rider costs. AAStocks Financial News |
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