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<Research>Daiwa Chops MEITUAN-W (03690.HK) TP to $110 on Positive Near-term Outlook, LT Margin Concern
Recommend 13 Positive 23 Negative 19 |
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Daiwa issued a research report updating its forecasts for MEITUAN-W (03690.HK) across its food delivery, Instashopping, in-store, hotel and travel segments. The broker kept its revenue forecasts for 1Q26/ 2026 largely unchanged, as food delivery losses narrowed faster than expected. However, the normalization of growth in the physical store business, price hike pressure from competitors and recent fines imposed by regulators on MEITUAN-W and other e-commerce platforms will set a cap for the Group's long-term profitability, posing a key overhang. Therefore, Daiwa reiterated rating at Buy on MEITUAN-W, but chopped its target price from $120 to $110. The broker also raised its 2027 EPS forecast by 5% to reflect a faster recovery in delivery segment's unit economics. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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