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03690
MEITUAN-W
HKD
97.200-1.400
(-1.42%)
1D
AI Analysis for 03690
AI Analysis
High
98.950
Open
98.050
VWAP
98.00
Vol
29.00M
Mkt Cap
600.00B
Low
97.200
Amount
3.00B
EV/EBITDA(TTM)
87.00
Total Shares
6.00B
EV
65.00B
EV/OCF(TTM)
50.00
P/S(TTM)
2.00
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
4.5
01-29aastocksHSI Declines by 199 Points; SANDS CHINA LTD Plummets 5%
Market Overview: The HSI opened 199 points lower at 27,627, with the HSCEI and HSTECH also experiencing declines of 60 points and 46 points, respectively.
Sands China Ltd Performance: Sands China Ltd saw a significant drop of 7.43% at open, despite a 16.4% YoY increase in net revenue for Q4 2025, as its adjusted property EBITDA fell short of forecasts.
Tech Stocks Movement: Major tech stocks like Tencent and Alibaba opened down by 1-1.4%, while Kuaishou saw a slight increase of 2.61%.
Gold and Mining Stocks: Gold and silver prices surged, leading to mixed performances among mining stocks, with some like SD Gold and Zhaojin Mining opening higher, while others like Chinagoldintl experienced a decline.
8.0
01-28aastocksGuangzhou Plans to Distribute RMB50 Million in Dining Vouchers in Several Phases During Spring Festival
Government Dining Vouchers: Guangzhou will distribute RMB50 million in dining vouchers before and after the Spring Festival to promote local dining experiences.
Collaboration with Platforms: The initiative will utilize platforms like MEITUAN-W and Douyin to offer commercial discount coupons for residents and visitors.
E-commerce Mobilization: Guangzhou plans to engage e-commerce platforms and brand merchants such as Vipshop, JD-SW, and Alibaba to meet holiday demand.
Enhancing Shopping Experience: The city aims to boost online shopping by diversifying product categories, increasing discounts, and innovating consumption experiences.
6.5
01-28aastocksCICC Projects MEITUAN-W (03690.HK) to Report RMB13.2B Adjusted Net Loss in 4Q25, Revises Down 2026/2027 Earnings Estimates
CICC's Revenue Forecast for MEITUAN-W: CICC predicts that MEITUAN-W's 4Q25 revenue will increase by 4% year-over-year to RMB91.9 billion, but anticipates an adjusted net loss of RMB13.2 billion.
Adjusted Net Loss Projections: The broker has maintained its 2025 adjusted net loss forecast at RMB16.8 billion and has significantly lowered its 2026 and 2027 profit estimates due to increased competition.
Stock Rating and Target Price: Despite the challenges, CICC has kept its rating for MEITUAN-W at Outperform, with a target price of $125, indicating a potential upside of 28%.
Short Selling Data: As of January 27, 2026, MEITUAN-W has experienced short selling of $506.67 million, with a short selling ratio of approximately 24%.
3.5
01-27aastocksMeituan Executive: High-End Restaurants Set to Lead in AI Implementation
AI and Smart Technologies in Fine Dining: MEITUAN-W is leveraging AI and smart management technologies to enhance the online representation of fine dining, aiming to create a more authentic connection between users and high-quality restaurants.
Impact on Customer Experience: "Black Pearl" restaurants are utilizing Meituan's member marketing and AI tools to improve customer connections, stabilize service delivery, and boost brand momentum.
8.5
01-27aastocksPony Ma Announces Tencent's Withdrawal from Investments in JD.com and Meituan
TENCENT's Strategic Moves: Pony Ma announced at the annual staff meeting that TENCENT has exited investments in JD-SW and MEITUAN-W due to intense competition in food delivery and community group buying.
Leadership Changes: Martin Lau, TENCENT's President, has resigned from the boards of JD-SW and MEITUAN-W, reflecting a shift in the company's strategic focus.
Market Competition: The food delivery sector has seen fierce competition, particularly between JD.com and Meituan, with Alibaba also entering the fray by integrating Ele.me into its Taobao platform.
Future Outlook: Haitong International anticipates that TENCENT will deliver solid results in Q4 2025, indicating a continuation of high-quality growth for the company this year.
Money Flow
Over the past 66 trading days, overall net money flow is 493.00M, with retail investors contributing 13.00M and major investors adding 265.00M.
Net Buy $ Volume
Net Sell $ Volume
CICC
CICC
Outperform
maintain
$125
2026-01-28
New
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
New
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.
Citi Research
Citi
Neutral
downgrade
$117 -> $115
2025-12-01
Reason
The analyst rating for MEITUAN-W (03690.HK) was kept at Neutral due to several factors highlighted in the report. The expectation that core local commerce (CLC) and operating losses will persist into 4Q25, along with ongoing intense competition, contributed to this rating. While food delivery losses are anticipated to improve quarter-over-quarter, the retail and in-store business is expected to decline, with operating profit margins slipping due to the macroeconomic environment and intensified competition. Additionally, the long-term outlook for MEITUAN-W's user growth and profit margins is highly dependent on competitors' actions and strategies. As a result, the target price was also lowered from $117 to $115.
Citi Research
Neutral
Price Target
$117 -> $115
2025-12-01
downgrade
The analyst rating for MEITUAN-W (03690.HK) was kept at Neutral due to several factors highlighted in the report. The expectation that core local commerce (CLC) and operating losses will persist into 4Q25, along with ongoing intense competition, contributed to this rating. While food delivery losses are anticipated to improve quarter-over-quarter, the retail and in-store business is expected to decline, with operating profit margins slipping due to the macroeconomic environment and intensified competition. Additionally, the long-term outlook for MEITUAN-W's user growth and profit margins is highly dependent on competitors' actions and strategies. As a result, the target price was also lowered from $117 to $115.
Nomura
Nomura
Buy
to
Neutral
downgrade
$123 -> $107
2025-12-01
Reason
The analyst rating downgrade from Nomura, which changed Meituan from Buy to Neutral, is primarily due to the persistent and escalating competition in China's food delivery market. The report highlights that Meituan is expected to face ongoing competitive pressure across its food delivery and in-store services, which may keep its food delivery profitability fragile in the coming quarters. Additionally, the in-store segment, which is currently Meituan's only profitable business, is projected to experience reduced profitability due to competitors like Douyin engaging in aggressive subsidy strategies to capture market share. This competitive landscape has led Meituan's management to lower its long-term profit margin guidance for the in-store segment, prompting Nomura to significantly reduce its operating profit forecasts for FY2025/26 by 65% and 58%, respectively, and consequently lower the target price from HK$123 to HK$107.
Nomura
Buy
to
Neutral
Price Target
$123 -> $107
2025-12-01
downgrade
The analyst rating downgrade from Nomura, which changed Meituan from Buy to Neutral, is primarily due to the persistent and escalating competition in China's food delivery market. The report highlights that Meituan is expected to face ongoing competitive pressure across its food delivery and in-store services, which may keep its food delivery profitability fragile in the coming quarters. Additionally, the in-store segment, which is currently Meituan's only profitable business, is projected to experience reduced profitability due to competitors like Douyin engaging in aggressive subsidy strategies to capture market share. This competitive landscape has led Meituan's management to lower its long-term profit margin guidance for the in-store segment, prompting Nomura to significantly reduce its operating profit forecasts for FY2025/26 by 65% and 58%, respectively, and consequently lower the target price from HK$123 to HK$107.
Valuation Metrics
Forward PE
N/A
5Y Average PE
32.32
Current PE
-50.75
Overvalued PE
153.75
Undervalued PE
-89.11
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
-6.25
Current EV/EBITDA
24.02
Overvalued EV/EBITDA
106.00
Undervalued EV/EBITDA
-118.51
Forward PS
5Y Average PS
3.38
Current PS
1.45
Overvalued PS
5.46
Undervalued PS
1.30
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