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| HSI1 | 26,160.15 | +192.17 | 226.61B |
| HSCEI1 | 9,363.94 | +63.20 | 86.65B |
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2025-10-24 11:12:27 CMBI’s research report expected that MEITUAN-W (03690.HK) will manifest revenue of RMB97.8 billion for 3Q25, in line with street consensus, representing a YoY growth of 4.6%. During this period, CMBI anticipated the company's adjusted net loss to be RMB16.6 billion, above the consensus of RMB12.6 billion, attributable to the fierce market competition faced by the food delivery business. Despite incremental investments in the food delivery business, CMBI assumed the impact on operating profit should peak in 3Q25, while the pace of improvement in the competitive environment remains to be observed. Given the low visibility of earnings growth recovery, the broker upheld a cautious stance on Meituan. In view that the industry competition is more intense than previously expected, CMBI revised down Meituan's 2025 adjusted net profit forecast to a loss of RMB12.4 billion (previously a profit of RMB1.1 billion) and trimmed the target price from HKD164 to HKD154.4 based on the discounted cash flow (DCF) method, while maintaining a Buy rating. ~ AASTOCKS Financial News Website: www.aastocks.com | |