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<Research>M Stanley: MEITUAN-W Profit Warning in Line; 2025 Core Local Biz Operating Loss Slightly Beats
Recommend 15 Positive 32 Negative 15 |
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MEITUAN-W (03690.HK) issued a profit warning for FY25, with an expected IFRS net profit loss ranging between RMB23.3-24.3 billion, according to a Morgan Stanley report. It is also anticipated that MEITUAN-W's core local business operating loss will have reached RMB6.8-7 billion, primarily due to increased investment to counter intense competition. The company estimates the loss trend to continue into 1Q26. From Morgan Stanley's perspective, this profit warning was broadly in line with market expectations of an IFRS net profit loss of around RMB23 billion. However, the core local business operating loss was slightly better than the market expectation and the broker's forecast of RMB8 billion. Morgan Stanley also added that this profit warning aligned with its expectations, as it had previously observed Alibaba's aggressive stance in the in-store, hotel, and local lifestyle sectors this year, continuously increasing efforts to capture market share. MEITUAN-W has been given an Overweight rating and a target price of HKD120. AAStocks Financial News |
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