[ET Net News Agency, 2 February 2021] Credit Suisse lifted its target price for Meituan
(03690) to HK$436 from HK$400 and maintained its "buy" rating.
The research house expects Meituan's total revenue to rise 30% to Rmb36.7bn in 4Q 2020.
For the bottom line, it expects an adjusted net loss of Rmb1.7bn, mainly due to
investments in fast-growing Meituan Select.
Credit Suisse increased its 2021 loss estimate for Meituan Select to Rmb20bn (from
HK$14bn) on a higher GMV (gross merchandise volume) forecast, and lowered its 2020/21
earnings forecasts by 43%/82%.
Despite the heavy investment, Credit Suisse continues to see the substantial strategic
value of Meituan Select and expects Meituan Select to breakeven by mid-2024. (KL)
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03690 MEITUAN-W
Nominal 
94.150 -3.600 (-3.683%) Research Report
02/02/2021 15:26
{I-bank focus}Credit Suisse lifts Meituan (03690) to HK$436
| Remark: | Real time quote last updated: 19/04/2024 09:35 |
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