[ET Net News Agency, 18 September 2019] Goldman Sachs raised its target price for
Meituan Dianping (03690) to HK$97.5 from HK$85 and maintained its "buy" rating.
A year since listing, Meituan has further solidified its leading position in China's
consumer services market, with an estimated addressable size of Rmb34trn in 2022, said the
research house.
Goldman expects Meituan to harness the "power of compounding" in terms of revenues (32%
2019-22 CAGR) and earnings (to Rmb32bn by 2022 from Rmb-0.5bn in 2019), supported by
growing online marketing revenues and a further uplift in food delivery unit economics.
Goldman raised 3Q food delivery EBIT to above breakeven, based on rider cost
efficiencies and the latest trends. Accordingly, it narrowed its 2019 adjusted net loss by
23% while fine-tuning its 2020/21 earnings. (KL)
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03690 MEITUAN-W
Nominal 
94.900 -2.850 (-2.916%) Research Report
18/09/2019 11:21
{I-bank focus}Goldman raises Meituan Dianping to HK$97.5
| Remark: | Real time quote last updated: 19/04/2024 15:32 |
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