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03690 MEITUAN-W
RTNominal up108.600 +8.000 (+7.952%)
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06/11/2020 17:50

{I-bank focus}HSBC lifts Meituan (03690) to HK$386

[ET Net News Agency, 6 November 2020] HSBC Global Research lifted its target price for
Meituan (03690) to HK$386 from HK$290 and maintained its "buy" rating.
Meituan will report its 3Q results at the end of November. The research house expects
revenue growth to rebound to 26% but adjusted EBITDA might grow slower at 23% on weak
seasonality followed by much faster earnings growth in 4Q.
The cross-read from BABA's (09988) local services revenue rising 29% in 3Q reinforces
HSBC's confidence in its estimate for Meituan's FD (food delivery) growth (+30%). It is
now more confident in its longer-term margin profile and raised its FCF (free cash flow)
CAGR for 2022-30 to 23% from 21% and our net income estimates by 9%/19% for 2021/22. (KL)

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