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03690 MEITUAN-W
RTNominal up96.800 +5.700 (+6.257%)
Research Report

03/02/2021 11:30

{I-bank focus}BOCI lifts Meituan (03690) to HK$413; "buy"

[ET Net News Agency, 3 February 2021] BOCI Research lifted its target price for Meituan
(03690) to HK$413 from HK$271 and maintained its "buy" rating.
The research house said as the total MAU (monthly active users ) of community group
buying mini programme exceeded 250m by the end of 2020, it views Meituan as a winner of
this fast-growing segment. BOCI revised up 2020-22 revenues by 3-16% and factor in the
increasing start-up losses.
It said stronger-than-expected food delivery and recovery of hotel and travel businesses
will partially offset the start-up loss from new initiatives. (KL)

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