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RTNominal down337.000 -3.000 (-0.882%)

22/01/2021 15:55

{I-bank focus}Morgan Stanley lifts Meituan (03690) to HK$420

[ET Net News Agency, 22 January 2021] Morgan Stanley lifted its target price for
Meituan (03690) to HK$420 from HK$300 and maintained its "overweight" rating.
The research house expects 4Q revenue of Rmb37.4bn (+33% YoY, +6% QoQ), and the non-IFRS
operating loss of Rmb2.3bn, reflecting an uptick in existing new initiatives losses
(Rmb2.8bn) and sizeable investments.
Morgan expects Meituan to prioritize growth over profitability to capture the new TAM
(total addressable market), and now estimated a loss of Rmb25bn on new initiatives in
2021. It remains constructive on CGP (community group purchase) growth outlook with GTV
(Gross Transaction Volume) by 2025 of Rmb300bn (~10% share in China online grocery market)
and close to breakeven. (KL)

Remark: Real time quote last updated: 05/03/2021 17:59
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