Understanding the Market | MEITUAN-W rose nearly 3% during the session, with the company's third-quarter performance being impressive. Morgan Stanley pointed out that its stock price still has room for growth
MEITUAN-W rose nearly 3% during the session, and as of the time of writing, it is up 2.24%, priced at HKD 169.2, with a trading volume of HKD 2.729 billion. In terms of news, Citigroup's research report stated that Meituan's performance in the third quarter of fiscal year 2024 is robust, with total revenue increasing by 22% year-on-year, which is 1.7% higher than market expectations; adjusted net profit increased by 124% year-on-year, exceeding market expectations by 9.8%. This performance is mainly attributed to better-than-expected growth in core local business operating profits. Looking ahead to the fourth quarter, the latest stimulus measures from the central government may support consumer demand. The bank maintains a "Buy" rating on Meituan, raising the target price from HKD 192 to HKD 203. JPMorgan Chase stated that it believes Meituan is one of the highest-quality consumer goods and internet companies in China, maintaining a "Overweight" rating on Meituan, with the target price raised to HKD 200. The bank noted that Meituan is one of the best-performing stocks among Chinese internet stocks this year and still believes that its stock price has room for growth in the next 6 to 12 months, mainly driven by increasing monetization and continuous improvement in revenue recovery from in-store and hotel businesses
According to Zhitong Finance APP, Meituan-W (03690) rose nearly 3% during the session, and as of the time of writing, it was up 2.24%, trading at HKD 169.2, with a transaction volume of HKD 2.729 billion.
In terms of news, Citigroup's research report stated that Meituan's performance in the third quarter of fiscal year 2024 was robust, with total revenue increasing by 22% year-on-year, which was 1.7% higher than market expectations; adjusted net profit rose by 124% year-on-year, exceeding market expectations by 9.8%. This performance was mainly attributed to better-than-expected growth in core local business operating profits. Looking ahead to the fourth quarter, the latest stimulus measures from the central government may support consumer demand. The bank maintains a "Buy" rating on Meituan, raising the target price from HKD 192 to HKD 203.
JPMorgan Chase stated that it believes Meituan is one of the highest-quality consumer goods and internet companies in China, maintaining an "Overweight" rating on Meituan, with the target price raised to HKD 200. The bank noted that Meituan is one of the best-performing stocks among Chinese internet stocks this year and still believes that its stock price has room for growth in the next 6 to 12 months, mainly due to the continuous improvement in monetization and the recovery of revenue from in-store and hotel businesses