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<Research>CCBI Lowers MEITUAN-W's TP to HKD125, Expects Loss of RMB2.8 Per Delivery Order This Season
Recommend 18 Positive 29 Negative 17 |
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CCBI has released a report lowering its target price for MEITUAN-W (03690.HK) from HKD157.4 to HKD125, as its 2Q25 results were way below expectations due to the delivery price war. However, the company's rating was kept unchanged as Outperform. Based on its revised earnings forecast, CCBI now expects MEITUAN-W's 3Q25 core local business revenue growth to flatten (previously forecasted at 11%), alongside an operating loss of RMB18.5 billion (previously forecasted at earnings of RMB11.6 billion). For the delivery business alone, with a rapid order growth rate but a loss of RMB2.8 per order at the same time, MEITUAN-W's revenue is expected to decline in double digits due to a drop in average order value and monetization rate. AAStocks Financial News |
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