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Research Report

11/02/2021 13:51

{I-bank focus}HSBC lifts Meituan (03690) to HK$550; "buy"

[ET Net News Agency, 11 February 2021] HSBC Global Research lifted its target price for
Meituan (03690) to HK$550 from HK$386 and maintained its "buy" rating.
The research house is bullish on Meituan as it's setting a solid footprint in one of
the next biggest addressable markets - grocery retail (worth RMB14trn by 2022) via a mix
of 1P/3P business models.
HSBC lifted its 2022-31 FCF CAGR to 29% from 23% to reflect mid- to longer-term
contribution from grocery but cut its 2021/22 GAAP earnings 17%/56% to reflect higher
investments in new initiatives and synergies to its ecosystem. (KL)

Remark: Real time quote last updated: 17/06/2021 16:59
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