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03690
MEITUAN-W
HKD
91.400-2.400
(-2.56%)
1D
AI Analysis for 03690
AI Analysis
High
94.500
Open
92.550
VWAP
92.11
Vol
39.23M
Mkt Cap
599.54B
Low
91.150
Amount
3.61B
EV/EBITDA(TTM)
79.04
Total Shares
6.11B
EV
58.84B
EV/OCF(TTM)
45.13
P/S(TTM)
1.44
Meituan is an investment holding company mainly engaged in tech-driven retail, providing daily goods and services by leveraging technology, including food delivery, in-store, hotel and travel booking, as well as other services and sales. The Company operates its businesses through two segments. The Core Local Commerce segment includes food delivery, Meituan Instashopping, in-store, hotel and travel businesses. The New Initiatives segment includes Meituan Select, Xiaoxiang Supermarket and others. The Company distributes its products within domestic market.
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News
8.5
02-06aastocksPinnedFitch Anticipates Limited Financial Effects from MEITUAN-W's Purchase of Dingdong; Price Competition Likely to Diminish This Year
Acquisition Announcement: Meituan-W plans to acquire Dingdong Fresh Holding Limited to strengthen its position in the instant shopping market, with Fitch Ratings indicating that this will have a neutral impact on Meituan's credit profile.
Financial Overview: Dingdong's EBITDA is projected at RMB390 million for the 12 months ending September 2025, which is less than 5% of Meituan's expected EBITDA for 2026, highlighting the relatively small scale of the acquisition's financial impact.
8.5
02-06aastocksPinnedCiti Research: Dingdong's Acquisition Boosts MEITUAN-W's Standing in Fresh Retail Market, Yet Competition Remains Fierce
Acquisition Announcement: MEITUAN-W has announced the acquisition of Dingdong's China business for an initial consideration of USD 717 million, aiming to enhance its warehouse coverage and supply chain capabilities in the fresh produce sector.
Strategic Importance: Citi views this acquisition as strategically significant for MEITUAN-W, as it seeks to diversify its offerings from takeout and dine-in to home cooking, particularly in key regions like East China.
Market Challenges: Despite the potential benefits, MEITUAN-W faces a fragmented and competitive fresh and grocery market, along with challenges in its core local business and the need for substantial investment for overseas expansion.
Analyst Rating: Citi has set a target price of HKD 115 for MEITUAN-W, maintaining a Neutral/High Risk rating on the stock.
4.5
02-06aastocksMEITUAN-W Optimizes Over 10 Marketing Campaigns Last Year, Resulting in RMB1.62B+ Savings for Platform Merchants
Marketing Campaign Adjustments: MEITUAN-W has simplified and canceled over ten food delivery marketing campaigns, including major activities like online vouchers and offline subsidies, to improve efficiency.
Cost Reduction for Merchants: These changes have positively impacted over 2 million food delivery merchants, leading to a reduction in ineffective marketing expenditures by more than RMB1.62 billion.
2.0
02-06aastocksShort Selling Activity Reaches $47.7B, Representing 22.1% of Eligible Securities Turnover at Market Close
Short Selling Turnover: The short selling turnover in the Hong Kong market reached $47.7 billion, accounting for 22.1% of the eligible securities turnover, slightly down from 23% on the previous trading day.
Top Short Selling Stocks: The top five stocks with the highest short selling amounts include CSOP HS TECH, TENCENT, BABA-W, XIAOMI-W, and MEITUAN-W, with CSOP HS TECH leading at $7.79 billion and a short selling ratio of 66.7%.
CSOP HS TECH Performance: CSOP HS TECH (03033.HK) experienced a decrease of 0.947%, with a significant short selling turnover of $7.79 billion and a high short selling ratio of 66.7%.
Other Notable Stocks: TENCENT, BABA-W, XIAOMI-W, and MEITUAN-W also showed notable short selling activity, with TENCENT at $2.97 billion and a ratio of 15.2%, while MEITUAN-W had a turnover of $961.98 million and a ratio of 26.6%.
8.5
02-06aastocksBofAS Maintains Neutral Rating on MEITUAN-W (03690.HK) Due to Minimal Financial Effects from Dingdong CN Business Acquisition
Acquisition Announcement: MEITUAN-W has signed an agreement to acquire the China business of Dingdong for an initial consideration of US$717 million, which will make Dingdong an indirect wholly-owned subsidiary of MEITUAN-W.
Financial Impact: The acquisition represents approximately 5% of MEITUAN-W's net cash of RMB96 billion, and analysts expect limited impact on the company's balance sheet, with a projected narrowing of adjusted net loss from RMB19 billion in 2025 to about RMB5 billion in 2026.
Money Flow
Over the past 66 trading days, overall net money flow is 714.46M, with retail investors contributing 78.19M and major investors adding 325.42M.
Net Buy $ Volume
Net Sell $ Volume
Citi
Neutral/ High Risk
maintain
$115
2026-02-06
New
Reason
The analyst rating for MEITUAN-W (03690.HK) is Neutral/High Risk, as provided by Citi. The reasoning behind this rating includes the strategic significance of the acquisition of Dingdong's China business, which aims to enhance MEITUAN-W's warehouse coverage and supply chain capabilities in the fresh produce sector. However, the overall market for fresh and grocery remains fragmented and competitive, presenting ongoing challenges for MEITUAN-W in its core local business and necessitating substantial investment for overseas expansion. This combination of potential benefits and significant risks has led to the Neutral/High Risk rating.
Citi
Neutral/ High Risk
Price Target
$115
2026-02-06
maintain
New
The analyst rating for MEITUAN-W (03690.HK) is Neutral/High Risk, as provided by Citi. The reasoning behind this rating includes the strategic significance of the acquisition of Dingdong's China business, which aims to enhance MEITUAN-W's warehouse coverage and supply chain capabilities in the fresh produce sector. However, the overall market for fresh and grocery remains fragmented and competitive, presenting ongoing challenges for MEITUAN-W in its core local business and necessitating substantial investment for overseas expansion. This combination of potential benefits and significant risks has led to the Neutral/High Risk rating.
Citi Research
Neutral
maintain
$115
2026-02-05
New
Reason
Citi Research maintained a Neutral rating on MEITUAN-W (03690.HK) due to a cautious outlook on its growth prospects for 1Q26 and FY2026. The reasons for this cautious stance include ongoing regulatory scrutiny, a challenging competitive environment with significant competition from Alibaba and Douyin, and the seasonal off-peak period (Spring Festival) affecting performance. Although the company's subsidy strategy is becoming more subtle and is helping to moderately recover unit economics, the overall market conditions and potential downside risks to revenue and operating profit forecasts led to the decision to keep the target price at $115.
Citi Research
Neutral
Price Target
$115
2026-02-05
maintain
New
Citi Research maintained a Neutral rating on MEITUAN-W (03690.HK) due to a cautious outlook on its growth prospects for 1Q26 and FY2026. The reasons for this cautious stance include ongoing regulatory scrutiny, a challenging competitive environment with significant competition from Alibaba and Douyin, and the seasonal off-peak period (Spring Festival) affecting performance. Although the company's subsidy strategy is becoming more subtle and is helping to moderately recover unit economics, the overall market conditions and potential downside risks to revenue and operating profit forecasts led to the decision to keep the target price at $115.
CICC
CICC
Outperform
maintain
$125
2026-01-28
Reason
CICC maintained its "Outperform" rating for MEITUAN-W due to the company's business resilience, despite lowering its revenue and profit forecasts for the coming years. The target price of $125 reflects a projected 2027 adjusted PE ratio of 23x, indicating an upside potential of 28%.
CICC
Outperform
Price Target
$125
2026-01-28
maintain
CICC maintained its "Outperform" rating for MEITUAN-W due to the company's business resilience, despite lowering its revenue and profit forecasts for the coming years. The target price of $125 reflects a projected 2027 adjusted PE ratio of 23x, indicating an upside potential of 28%.
CICC
CICC
Outperform
maintain
$125
2025-12-19
Reason
The analyst rating for MEITUAN-W (03690.HK) is "Outperform" based on several key factors highlighted in the CICC research report. The management's insights during a recent non-deal roadshow indicated confidence in the company's ability to drive profits back to reasonable levels in the long term, particularly as the focus of food delivery competition shifts to high-value users. CICC maintained its forecasts, projecting a 2025 adjusted net loss of RMB16.8 billion and a 2026 adjusted net profit of RMB19.6 billion. The target price of $125 reflects a 15x adjusted PE ratio for 2027, suggesting a 23% upside potential from the current share price, which corresponds to a lower 12x adjusted PE ratio for the same year.
CICC
Outperform
Price Target
$125
2025-12-19
maintain
The analyst rating for MEITUAN-W (03690.HK) is "Outperform" based on several key factors highlighted in the CICC research report. The management's insights during a recent non-deal roadshow indicated confidence in the company's ability to drive profits back to reasonable levels in the long term, particularly as the focus of food delivery competition shifts to high-value users. CICC maintained its forecasts, projecting a 2025 adjusted net loss of RMB16.8 billion and a 2026 adjusted net profit of RMB19.6 billion. The target price of $125 reflects a 15x adjusted PE ratio for 2027, suggesting a 23% upside potential from the current share price, which corresponds to a lower 12x adjusted PE ratio for the same year.
S&P Global
A-
maintain
2025-12-02
Reason
The analyst rating from S&P Global for Meituan (03690.HK) is influenced by several factors indicating that the risks to the company's EBITDA recovery are increasing. The primary reasons include:
1. Rising Costs: Meituan is facing increasing costs to maintain its market leadership in local commerce, which may hinder the recovery of its profit margins.
2. Lower EBITDA Margin Forecast: The company’s food delivery segment is expected to have an EBITDA margin in 2026 that is lower than initially forecasted, suggesting a slower recovery than anticipated.
3. Increased Marketing Investment: As subsidies decrease, Meituan may need to invest more in marketing to attract and retain customer loyalty and ensure the quality of rider services, further impacting its costs.
4. Competitive Pressure: The narrowing cost gap in delivery services between Meituan and its main competitor, Alibaba (BABA-W), is likely to increase Meituan's expenses related to maintaining brand recognition and consumer awareness.
Overall, these factors contribute to a more cautious outlook on Meituan's financial recovery, leading S&P Global to assign an A- credit rating with a Stable outlook.
S&P Global
A-
Price Target
2025-12-02
maintain
The analyst rating from S&P Global for Meituan (03690.HK) is influenced by several factors indicating that the risks to the company's EBITDA recovery are increasing. The primary reasons include:
1. Rising Costs: Meituan is facing increasing costs to maintain its market leadership in local commerce, which may hinder the recovery of its profit margins.
2. Lower EBITDA Margin Forecast: The company’s food delivery segment is expected to have an EBITDA margin in 2026 that is lower than initially forecasted, suggesting a slower recovery than anticipated.
3. Increased Marketing Investment: As subsidies decrease, Meituan may need to invest more in marketing to attract and retain customer loyalty and ensure the quality of rider services, further impacting its costs.
4. Competitive Pressure: The narrowing cost gap in delivery services between Meituan and its main competitor, Alibaba (BABA-W), is likely to increase Meituan's expenses related to maintaining brand recognition and consumer awareness.
Overall, these factors contribute to a more cautious outlook on Meituan's financial recovery, leading S&P Global to assign an A- credit rating with a Stable outlook.
JPMorgan
Neutral
downgrade
$100 -> $95
2025-12-02
Reason
JPMorgan's cautious stance on MEITUAN-W (03690.HK) is based on uncertainties surrounding three key areas: competition in the food delivery business, the sustainability of profits in the in-store business, and the execution of overseas expansion. These factors contribute to weakened financial visibility and increased risk of earnings volatility, prompting the firm to maintain a Neutral rating and lower its target price from HKD100 to HKD95.
JPMorgan
Neutral
Price Target
$100 -> $95
2025-12-02
downgrade
JPMorgan's cautious stance on MEITUAN-W (03690.HK) is based on uncertainties surrounding three key areas: competition in the food delivery business, the sustainability of profits in the in-store business, and the execution of overseas expansion. These factors contribute to weakened financial visibility and increased risk of earnings volatility, prompting the firm to maintain a Neutral rating and lower its target price from HKD100 to HKD95.
China Merchants Securities
China Merchants Securities
Overweight
maintain
$139
2025-12-02
Reason
The analyst rating from China Merchants Securities for MEITUAN-W (03690.HK) is based on the anticipation that the company's earnings will recover next year due to its stable high customer order share. Despite a decline in gross profit and an operating loss in the recent quarter, the firm maintains a positive outlook, projecting that the core local business operating loss will be manageable. They have set a target price of HKD139 and assigned an "Overweight" rating, indicating confidence in the company's future performance.
China Merchants Securities
Overweight
Price Target
$139
2025-12-02
maintain
The analyst rating from China Merchants Securities for MEITUAN-W (03690.HK) is based on the anticipation that the company's earnings will recover next year due to its stable high customer order share. Despite a decline in gross profit and an operating loss in the recent quarter, the firm maintains a positive outlook, projecting that the core local business operating loss will be manageable. They have set a target price of HKD139 and assigned an "Overweight" rating, indicating confidence in the company's future performance.
Daiwa
Daiwa
Buy
to
Buy
downgrade
$170 -> $140
2025-12-01
Reason
The analyst rating for MEITUAN-W (03690.HK) was maintained at "Buy" by Daiwa due to signs of a gradual moderate recovery across various businesses, particularly in the food delivery sector where losses are stabilizing. Despite anticipated losses in new businesses and pressure on profit margins in the in-store segment, the achievement of breakeven in Keeta's Hong Kong operations and confidence in its development in other regions contributed to the positive outlook. However, the target price was reduced from $170 to $140, and EPS estimations for 2026-2027 were lowered by 23-43% due to expected increased investment leading to expanded losses for Keeta next year.
Daiwa
Buy
to
Buy
Price Target
$170 -> $140
2025-12-01
downgrade
The analyst rating for MEITUAN-W (03690.HK) was maintained at "Buy" by Daiwa due to signs of a gradual moderate recovery across various businesses, particularly in the food delivery sector where losses are stabilizing. Despite anticipated losses in new businesses and pressure on profit margins in the in-store segment, the achievement of breakeven in Keeta's Hong Kong operations and confidence in its development in other regions contributed to the positive outlook. However, the target price was reduced from $170 to $140, and EPS estimations for 2026-2027 were lowered by 23-43% due to expected increased investment leading to expanded losses for Keeta next year.
Goldman Sachs
Goldman Sachs
Buy
downgrade
$139 -> $120
2025-12-01
Reason
The analyst rating for Meituan-W (03690.HK) was maintained as a Buy despite a reduction in the 12-month target price from HKD139 to HKD120. This decision was influenced by a lower-than-expected loss reported in their 3Q25 results and a revised forecast for long-term food delivery EBIT per order, as well as a change in the P/E multiple for in-store, hotel, and travel segments. The broker expressed confidence in Meituan's overall leadership in local services, and noted that the stock has underperformed year-to-date, with a favorable skew in their valuation scenarios (+48% bull, +17% base, -25% bear) compared to the current share price.
Goldman Sachs
Buy
Price Target
$139 -> $120
2025-12-01
downgrade
The analyst rating for Meituan-W (03690.HK) was maintained as a Buy despite a reduction in the 12-month target price from HKD139 to HKD120. This decision was influenced by a lower-than-expected loss reported in their 3Q25 results and a revised forecast for long-term food delivery EBIT per order, as well as a change in the P/E multiple for in-store, hotel, and travel segments. The broker expressed confidence in Meituan's overall leadership in local services, and noted that the stock has underperformed year-to-date, with a favorable skew in their valuation scenarios (+48% bull, +17% base, -25% bear) compared to the current share price.
Citi
Neutral
downgrade
$135 -> $120
2025-12-01
Reason
The analyst rating for MEITUAN-W (03690.HK) from Morgan Stanley is reiterated as Overweight due to several positive indicators. The report highlights that MEITUAN-W is showing initial signs of bottoming out, suggesting it may have passed its worst business period. Additionally, the narrowing of on-demand retail losses and the company's market position and unit economic efficiency are expected to mitigate the impact of competition from rivals like Douyin. Furthermore, the successful breakeven of MEITUAN-W's Hong Kong business (Keeta) ahead of schedule supports a positive outlook. Despite a reduction in the target price from HKD 135 to HKD 120, the overall assessment remains optimistic.
Citi
Neutral
Price Target
$135 -> $120
2025-12-01
downgrade
The analyst rating for MEITUAN-W (03690.HK) from Morgan Stanley is reiterated as Overweight due to several positive indicators. The report highlights that MEITUAN-W is showing initial signs of bottoming out, suggesting it may have passed its worst business period. Additionally, the narrowing of on-demand retail losses and the company's market position and unit economic efficiency are expected to mitigate the impact of competition from rivals like Douyin. Furthermore, the successful breakeven of MEITUAN-W's Hong Kong business (Keeta) ahead of schedule supports a positive outlook. Despite a reduction in the target price from HKD 135 to HKD 120, the overall assessment remains optimistic.
Valuation Metrics
Forward PE
N/A
5Y Average PE
32.93
Current PE
-50.75
Overvalued PE
154.24
Undervalued PE
-88.37
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
-5.77
Current EV/EBITDA
24.02
Overvalued EV/EBITDA
106.46
Undervalued EV/EBITDA
-118.00
Forward PS
5Y Average PS
3.35
Current PS
1.45
Overvalued PS
5.37
Undervalued PS
1.33
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