Big moves in the stock market | Why did Meituan-W and Bilibili's target prices get significantly downgraded? Wall Street has confidence in iQIYI!

Daiwa: Maintains "Buy" rating for MEITUAN-W, target price lowered by 18% to HKD 205

If calculated at the latest closing price of HKD 128.5, this price implies a 60% upside potential!

The bank expects MEITUAN-W's Q1 takeaway revenue to increase by 18.8% YoY. Given that the profit per order during the Spring Festival was RMB 1.03, the bank expects the takeaway operating profit margin to slightly decrease from 13.8% in Q4 2022 to 13.6% in Q1 2023 (up 7 percentage points YoY).

According to experts, the delivery scale in April was relatively small, mainly due to its focus on providing high-priced products for large restaurants. In terms of in-store, hotel, and tourism, due to the strong recovery since February, the bank expects GTV to increase by 50% YoY in the first quarter of this year.

The bank lowered its 2023 profit forecast by 7%, mainly due to the decrease in in-store business commissions and rebates.

Morgan Stanley: Maintains "Overweight" rating for Li Auto, target price of USD 30

If calculated at the latest closing price of USD 28.22, this price implies a 6% upside potential!

The bank pointed out that Li Auto's management is optimistic about the sales prospects, citing the increase in orders for the L7 and Air models. The overall market may have a more significant recovery in the second half of the year. After consolidating its market position, Li Auto is confident in maintaining a delivery volume of 30,000 vehicles per month from the third quarter. The management believes that although R&D expenses are higher, a net profit margin of 5% and a gross profit margin of over 20% can be achieved.

Morgan Stanley: Maintains "Equal-weight" rating for Bilibili, target price lowered by 8% to USD 22

If calculated at the latest closing price of USD 18.88, this price implies a 17% upside potential!

The bank stated that due to the possible delay in the launch of "Uma Musume" in mainland China, there is no indication that it will be launched in the short term. Therefore, the bank estimates that the contribution of "Uma Musume" to Bilibili's revenue will be postponed from Q2 to Q3. As for 2023, the bank expects Bilibili's game revenue to increase by 18% YoY to CNY 5.9 billion.

BTIG: Maintains "Buy" rating for Roblox, target price raised by 9% to USD 60

If calculated at the latest closing price of USD 38.87, this price implies a 54% upside potential!

The analyst cited Roblox's positive forward-looking comments on booking volume and profit margin trajectory, stating that after an important multi-year investment cycle, Roblox's profit margin has finally bottomed out.

Barclays: Maintains "Hold" rating for Airbnb, target price lowered by 12.5% to USD 112

If calculated at the latest closing price of $113.19, this price means a 1% downside.

The bank said that Airbnb's first-quarter performance was slightly better than Wall Street's expectations, but its revenue and profit guidance for the second quarter fell short of expectations. The bank said that Airbnb's operating leverage is expected to decrease again in the second quarter, which means that its profit margin will rely more on the performance in the second half of the year. If travel demand weakens, this number may face risks.