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<Research>BOCOMI Drops MEITUAN-W (03690.HK) TP to $147, Keeps Rating at Buy
Recommend 44 Positive 80 Negative 30 |
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MEITUAN-W (03690.HK)'s 2Q25 total revenue was RMB91.8 billion, up 12% YoY, slightly below the expectations of BOCOMI/ market by 1%/ 2% respectively, BOCOMI issued a research report saying. Of which, core commerce and new business revenues increased by 8% and 23% each, while adjusted net profit fell by 89% YoY to RMB1.5 billion, corresponding to a net profit margin of 1.6%. Based on a long-term target of 100 million daily orders and RMB1 UE, a 15x PE ratio corresponds to the profit from food delivery and in-store business by 2026. Therefore, the broker dropped its target price to $147, with rating kept at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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