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MEITUAN-W Shrinks 5% in Early Session as CLSA Cites Slower Growth in Food Delivery Orders in 4Q24
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MEITUAN-W (03690.HK), which posted a downtrend for the past 3 trading days, opened 2.7% lower at $163 this morning (24th) before its decline widened in the early session. The stock bottomed at $159, and last printed at $159.3, fading 4.95%. Volume was 17.3075 million shares, involving $2.787 billion. MEITUAN-W's 4Q24 results beat estimations, but the growth of food delivery orders slowed, CLSA said. The loss of new business grew 1x QoQ due to global expansion. Therefore, the broker lowered its 2025/ 2026 adjusted net profit forecasts by 2%, and kept rating/ target price at Outperform/ $217. The Group announced its annual results for the year ended December 2024 after the market closed on last Friday (21st). Profit attributable to equity holders surged by 158.4% YoY to RMB35.807 billion, with basic EPS standing at RMB5.85. No dividend has been declared. Under non-IFRS measures, adjusted net profit for the year increased by 88.2% YoY to RMB43.772 billion. Compared with the combined forecast of RMB42.11-45.018 billion from 13 brokers as summarized by our reporters, it aligned with market expectations, close to the median forecast of RMB43.77 billion. In addition, the adjusted EBITDA was RMB49.119 billion, up 105.7% YoY. MEITUAN-W's annual revenue leaped by 22% YoY to RMB337.592 billion, slightly exceeding the upper limit of the combined forecast of RMB336.385-337.518 billion from 14 brokers as summarized by our reporters. AAStocks Financial News |
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