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<Research>HTSC Raises MEITUAN-W TP to $235.6; Profit Resilience amid Mkt Upswing
Recommend 12 Positive 24 Negative 5 |
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A number of recent meetings of the Chinese government released favorable policies, bolstering market confidence and likely guiding consumption to pick up progressively, Huatai Securities wrote in a research report. MEITUAN-W (03690.HK), as a leading domestic lifestyle service provider, may show stronger resilience in growth. In the short term, improved in-store competition, plus the company's own operating efficiency, will help boost its results resilience, opined the broker. The broker expected the company's 3Q24 revenue to advance 21% YoY to RMB92.1 billion, and non-GAAP net profit to reach RMB11.2 billion, up 96% YoY. The broker forecast the company's revenue to reach RMB327.3/ 382.2/ 442.1 billion in 2024-26, and non-GAAP net profit to reach RMB40.2/ 58.8/ 75.2 billion. The broker raised its target price on MEITUAN-W from HKD169 to HKD235.6 and maintained its rating of Buy. AAStocks Financial News |
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