[ET Net News Agency, 24 August 2020] Morgan Stanley raised its target price for Meituan
Dianping (03690) to HK$280 from HK$139 and maintained its "overweight" rating.
The research house said Meituan's 2Q total revenue of Rmb24.7bn was 2% above consensus,
driven by on-track recovery with transacting users and active merchants back to the
pre-outbreak level. The adjusted net profit was Rmb2.7bn, better than consensus of
Rmb0.3bn, thanks to better core business margins and controlled losses in new initiatives.
Morgan now expects 3Q revenue growth to accelerate further to 26% but look for the
loss to widen. It lifted its earnings estimates by 4% for 2021 and by 10% for 2022. It
thinks Meituan's market leadership, rapid growth, and margin expansion potential justify a
premium target 2021 P/S ( price-to-sales) multiple of 9.3x, in line with Tencent (00700).
(KL)
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03690 MEITUAN-W
Nominal 
115.600 +4.100 (+3.677%) Others
24/08/2020 13:55
{I-bank focus}Morgan ups Meituan Dianping (03690) to HK$280
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