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MEITUAN-W (03690) target price raised to HK$111 by HSBC
09 Oct 2019
(Infocast News) HSBC Global Research maintained Buy rating and raise target price to HK$111 (from HK$95) on Meituan Dianping (03690).

HSBC expects a more positive 2H19, and higher adjusted EBITDA and narrower GAAP losses on a consolidated level, while food delivery could be profitable or close to break-even for another quarter on efficiency gains in rider costs per order given better unit economics.

HSBC believes Meituan prioritises longer-term growth over short-term profitability, "hence, we think the company might reinvest profits to drive market share gains instead."

HSBC increase its adjusted EBITDA estimates by 39%/22% for 2019/20.

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