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<Research>Citi Adds MEITUAN-W (03690.HK) to Pan-Asia Focus List w/ TP $217
Recommend 14 Positive 20 Negative 8 |
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Citi Research issued a research report adding MEITUAN-W (03690.HK) to its Pan-Asia focus list. The broker noted that MEITUAN-W has been facing both opportunities and challenges this year. On the one hand, the growth of food delivery order volume slowed down on a high base, while the implementation of a social security program led to an increase in operating costs. However, at the same time, the Company achieved initial success in expanding into the Saudi Arabia market, which is expected to enhance the momentum of its overseas business development, and support its rapid revenue growth. Citi Research was optimistic about MEITUAN-W's AI strategy, believed that MEITUAN-W's position as an advanced technological local life service platform can be maintained, with its drone delivery program and robotic investment. MEITUAN-W is less susceptible to external challenges than other companies against the backdrop of the trade war, and is not subject to the risk of ADR delisting. Its business revenue is not dependent on the US market. Therefore, the broker kept rating at Buy, with a target price of $217. AAStocks Financial News |
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