[ET Net News Agency, 1 December 2020] Macquarie Research lowered its target price for
Meituan (03690) to HK$287 from HK$394 and downgraded its rating to "neutral" from "buy".
The research house said Meituan's long-term outlook is healthy, but the current market
cap of US$240bn already captures a US$55bn opportunity in the foodservice distribution
market; a business that Meituan has refocused on as a strategic priority from July.
With theoretical upside baked into the stock, the company will need to show it can
really achieve such a growth trajectory embedded into expectation in both stock and
consensus earnings. Macquarie noted that investment will likely precede returns for coming
quarters. It lowered its FY2021 and FY2022 non-IFRS EPS forecasts by 13% and 8%. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
03690 MEITUAN-W
Nominal 
95.300 -2.450 (-2.506%) Others
01/12/2020 15:10
{I-bank focus}MacQ downgrades Meituan (03690) to HK$287
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |