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RTNominal down288.800 -13.600 (-4.497%)
Research Report

10/02/2021 17:46

{I-bank focus}UBS lifts Meituan (03690) to HK$470; "buy"

[ET Net News Agency, 10 February 2021] UBS Global Research lifted its target price for
Meituan (03690) to HK$470 from HK$340 and maintained its "buy" rating.
The research house revised up its Meituan revenue growth in 2022 and beyond due to its
recent traction in online groceries, in particular community group buying (CGB).
While margins are lower than UBS expected due to regulation and CGB investments, UBS
believes investors are willing to value Meituan on growth metrics once again due to the
long term addressable market expansion.
In fact, investors will assign a valuation premium, due to the scarcity of quality
internet names on HKEX (Southbound demand strong), and due to Meituan's ability to gain
share in e-commerce, which is harder to find at scale, the research house added. (KL)

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