[ET Net News Agency, 1 December 2020] Morgan Stanley raised its target price for
Meituan (03690) to HK$300 from HK$280 and maintained its "overweight" rating.
The research house said Meituan's 3Q total revenue and adjusted net profit were both
better than market consensus, thanks to intact revenue recovery with better margins in
food delivery and in-store.
Meituan continued to ramp up investments and highlighted the grocery retail business as
a top priority. Morgan now expects 4Q revenue growth to pick up to 70% but look for
widening losses from heavy investment ahead. It lowered its earnings estimates by 32% for
2021 and 20% for 2022 but raised outer-year forecasts by 6% to reflect elevated
investments ahead, followed by TAM (total addressable market) expansion amid profitability
improvements long term. (KL)
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03690 MEITUAN-W
Nominal 
97.750 0.000 (0.000%) Others
01/12/2020 15:36
{I-bank focus}Morgan raises Meituan (03690) to HK$300
| Remark: | Real time quote last updated: 19/04/2024 08:43 |
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