[ET Net News Agency, 24 August 2020] BOCOM International Research raised its target
price for Meituan Dianping (03690) to HK$272 from HK$201.4 and maintained its "buy"
rating.
The research house said Meituan's 2Q revenue of RMB24.7bn (up 9% YoY and 48% QoQ) was 3%
above BOCOM's estimate. The adjusted net profit of RMB2.7bn and EPS of RMB0.45 also
exceeded expectations.
For 3Q, BOCOM expects revenue to be RMB34.7bn, up 26%, and adjusted net profit to be
RMB469m, with NPM (net profit margin) of 1.3%. It thinks Meituan's business is still on
the growth track. (KL)