[ET Net News Agency, 1 December 2020] Nomura raised its target price for Meituan
(03690) to HK$342 from HK$300 and maintained its "buy" rating.
The research house said Meituan posted solid 3Q results that beat market consensus. All
its three business segments achieved better-than-expected performance. Nomura said it was
impressed by the company's efforts to drive volume growth from broadened consumption
category such as drinks and late-night snacks.
Meituan plans to roll out Meituan Select to over 1,000 lower-tier cities by end-2020,
and geographical expansion is its first priority given the fierce competition. Nomura
thinks it is yet too early to tell which player may become a leader as this sector is
still at an early stage. It believes Tencent (00700) is a good proxy to play the online
grocery boom as mini program has become an indispensable infrastructure for the community
grocery group-buy business.
Nomura revised its FY2020/21 revenue by +3%/+4% and operating margin by +0.2pp/-0.5pp.
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03690 MEITUAN-W
Nominal 
152.200 +10.900 (+7.714%) Others
01/12/2020 11:11
{I-bank focus}Nomura raises Meituan (03690) to HK$342
| Remark: | Real time quote last updated: 26/09/2024 16:08 |
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