[ET Net News Agency, 15 January 2021] Daiwa Research raised its target price for
Meituan (03690) to HK$370 from HK$350 and maintained its "buy" rating.
The research house said catalysts for 2021 include (1) market-share gain in online
groceries, (2) strong contribution from advertising revenue reflected in higher take-rate
in food delivery and in-store businesses, (3) faster domestic online travel demand, and
market-share gain in lower-tier cities' hotels, (4) improvement in efficiency gain in food
delivery to lead to higher operating margin, and (5) regulatory risk on its food delivery
and online groceries businesses to recede earlier than expected.
In 2021, Daiwa believes Meituan's fundamentals will remain solid, driven by a few
secular trends. It sees further room for Meituan to increase its order volume in various
scenarios (eg, late-night snacks, afternoon tea). (KL)
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03690 MEITUAN-W
Nominal 
98.700 -2.900 (-2.854%) Research Report
15/01/2021 18:01
{I-bank focus}Daiwa raises Meituan (03690) to HK$370
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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