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<Research>Haitong Int'l Adjusts MEITUAN-W TP to $230, Forecasts 3Q Adj. NP RMB13.4B
Recommend 19 Positive 44 Negative 9 |
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Haitong International released a report, adjusting its forecast for MEITUAN-W (03690.HK)'s 3Q24 results. It was expected that revenue for the quarter will climb by 21% YoY to RMB92.2 billion, in line with the street consensus of RMB91.9 billion. The adjusted net profit was estimated to be RMB13.4 billion, 14% above the consensus of RMB11.8 billion. The broker predicted Meituan's core revenue for the quarter to hike 19.2% YoY to RMB68.8 billion, and OP to be RMB13.6 billion, with an OPM of 19.8%. New initiatives revenue was projected to be RMB23.5 billion, in line with consensus. Meituan was expected to post a loss of RMB1.8 billion, vs a loss of RMB5.1 billion in the same quarter last year. Meituan was among one of investors’ darlings amid recent techs' rally since its investment theory is clear for 2024E and competitive edge solid. Positive about the eventual improvement of the company's fundamentals due to Mainland China's consumption policies, the broker maintained its Outperform rating on the stock, and adjusted its target price to $230. AAStocks Financial News |
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