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23047 CTMTUAN@EC2407E (CALL)
RT Nominal up0.840 +0.050 (+6.329%)

30/11/2023 15:09

{I-bank focus}J.P. Morgan lowers Meituan (03690) to HKD100

[ET Net News Agency, 30 November 2023] J.P. Morgan lowered its price target for Meituan
(03690) to HKD100 from HKD195 and downgraded its rating to "neutral" from "overweight".
The research house said it believes the company's 3Q23 results will raise more questions
about the 2024 earnings outlook, given increasing consumer subsidy in both food delivery
and in-store as well as a high base effect.
It expects OP growth of core local commerce to further slowdown from 8% YoY in 3Q23 to
2% YoY in 4Q23 and -10% YoY in 1Q24, before recovering to 15% YoY in 2Q24. (RC)

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