[ET Net News Agency, 24 August 2020] HSBC Global Research raised its target price for
Meituan Dianping (03690) to HK$290 from HK$246 and maintained its "buy" rating.
The research house said Meituan's results were a quality beat - a top-line beat of 5%
while non-GAAP NI RMB2.7bn is significantly ahead of consensus' RMB40m. Yet, Meituan
continues to prioritize reinvestment of profits into various new initiatives over
short-term profitability.
HSBC lifted its FY2020-22 non-GAAP net income forecasts by 14%-58% on the beat. (KL)