[ET Net News Agency, 21 October 2019] Goldman Sachs raised its target price for Meituan
Dianping (03690) to HK$104 from HK$97.5 and maintained its "buy" rating.
Meituan Dianping will report 3Q results on 21 November. The research house expects a
solid set of results that could slightly beat current sell-side expectations, with group
revenue growth of 36% (BBG consensus: 34%) and adjusted net profit at around breakeven
(Rmb59mn versus BBG consensus: Rmb-254mn).
Goldman also lifted its 4Q order volume forecasts, on the back of its 43% order growth
during October Golden Week, while maintaining 4Q EBIT expectations of Rmb0.3 loss per
order with elevated subsidies. (KL)