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03690 MEITUAN-W
RTNominal down97.500 -0.050 (-0.051%)
Research Report

29/03/2021 16:28

{I-bank focus}CLSA trims Meituan (03690) to HK$500; "buy"

[ET Net News Agency, 29 March 2021] CLSA trimmed its target price for Meituan (03690)
to HK$500 from HK$536 and maintained its "buy" rating.
The research house said Meituan's 4Q 2020 results beat expectations for all segments.
Revenue will likely grow about 120% YoY in 1Q 2021 but adjusted LBIT could widen to
Rmb5.3bn, given rapid Meituan Select expansion.
Food and in-store service recovery could surprise positively while retail e-commerce
should expand user reach and addressable market. CLSA cut its 2021/21 adjusted net profit
estimates to Rmb5bn/3bn. (KL)

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