03690 Should I Buy

The analyst rating from CLSA for MEITUAN-W (03690.HK) is Overweight, primarily due to the expectation of slight revenue growth despite challenges. They predict a 2% increase in total revenue to RMB90 billion for 4Q25, although the adjusted loss before interest and taxes (LBIT) is expected to remain significant at RMB13 billion. The rating reflects confidence in the company's long-term potential, despite current pressures from intense competition in the delivery service sector and increased expenditures for overseas expansion. CLSA's target price of HKD135 suggests they believe the stock has room for growth despite the short-term challenges.