[ET Net News Agency, 2 November 2023] UBS lowered its price target for Meituan (03690)
to HKD144 from HKD190 and maintained its "buy" rating.
The research house said it expects group revenue to grow 21% YoY in 3Q23. By segment,
food delivery could slow to 18% as weaker macro drags volume. Segment adjusted OPM could
be a steady 15%. Local service revenue may grow 33%, with adjusted OP of 33% (down
slightly from 35.8% in 2Q23). Group adjusted OP may reach Rmb4.7bn, up 87% YoY. (RC)