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<Research>Citi: MEITUAN-W (03690.HK) 4Q25 Results Expected to Be In Line; Intensified Competition Dents Profit Outlook; Rating Kept at Neutral
Recommend 18 Positive 22 Negative 7 |
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Citi Research issued a research report expecting that MEITUAN-W (03690.HK) will announce its 4Q25 results by the end of March, and the results are likely to be in line with market consensus. However, into 1Q26 and FY2026, the broker maintained a cautious view on its growth prospects, with rating kept at Neutral and a target price of $115. Citi Research believed that, under regulatory scrutiny and the seasonally off season (Spring Festival), the platform's subsidy strategy, while becoming more subtle and not fully withdrawn, helps to moderately recover unit economics, but the overall competitive environment remains severe. Alibaba is actively competing for market share in the food delivery and instant retail sectors, while Douyin may also further intensify competition in the in-store business. Therefore, Citi Research judged that market consensus forecasts for MEITUAN-W's core local commercial revenue and operating profit still face downside risks. AASTOCKS Financial News Website: www.aastocks.com |
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