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<Research>UOB Kay Hian Downgrades MEITUAN-W (03690.HK) to Sell, Axes TP to $100
Recommend 30 Positive 32 Negative 32 |
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MEITUAN-W (03690.HK) missed forecast in 2Q25 earnings, UOB Kay Hian said in a research report. Total revenue grew 12% YoY to RMB91.8 billion, below expectations. The non-IFRS net profit plummeted by 89% YoY to RMB1.5 billion, with the net profit margin sinking 15 ppts to 2%, also below market expectations. The broker expressed a cautious outlook for the group's performance in 2H25, anticipating that profit margins will face pressure due to intense competition in the food delivery business. The broker trimmed its revenue forecast for 3Q25 and the full year 2025 by 7% and 3%, respectively. The adjusted net loss for 3Q25 was projected to reach RMB1.1 billion, while the full-year adjusted net profit forecast was axed by 40% to RMB13.6 billion. The target price was reduced from HKD140 to HKD100, and the rating was lowered to Sell. AASTOCKS Financial News Website: www.aastocks.com |
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