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03690
MEITUAN-W
HKD
77.8003.300
(4.43%)
1D
AI Analysis for 03690
AI Analysis
High
77.950
Open
74.500
VWAP
76.02
Vol
27.53M
Mkt Cap
543.05B
Low
73.650
Amount
2.09B
EV/EBITDA(TTM)
61.24
Total Shares
6.11B
EV
45.59B
EV/OCF(TTM)
34.96
P/S(TTM)
1.17
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
01:35 AMaastocksHSI Starts 37 Points Up; JD.com Shows Strong Performance After Results; BYD COMPANY Sees Slight Increase
Market Overview: The HSI opened slightly higher at 25,358, with the HSCEI and HSTECH also showing modest gains, reflecting a positive start in the Hong Kong stock market.
JD Group Performance: JD-SW saw a significant rise of 7.375% despite reporting a 90% YoY decline in net profit, while JD Health and JD Logistics also experienced notable increases in their stock prices due to strong profit growth.
Tech Stocks Movement: Major tech stocks like Tencent and Alibaba showed slight gains, while others like Bilibili and XD Inc faced declines, indicating mixed performance within the sector.
Automotive Sector Updates: BYD Company opened with a slight increase after announcing new battery technology, while other automotive stocks like Xiaomi and Li Auto had varied performances, reflecting ongoing developments in the industry.
7.5
03-05aastocksHappy Monkey by MEITUAN-W Enters Huzhou with Acquisition of Former Dadong Fresh Supermarket Location
Market Activity: Meituan-W (03690.HK) has a short selling volume of $714.96M, with a ratio of 23.140%.
New Store Opening: The Happy Monkey supermarket brand has announced its entry into Huzhou, opening its first store in the Wuxing District, enhancing its presence in the Zhejiang region.
4.5
03-05aastocks<Daily Summary> HSI Ends at 25,321, Gaining 71 Points; HSTI Finishes at 4,796, Dropping 33 Points; JD HEALTH Falls More Than 6%; KINETIC DEV Reaches New Highs; Market Turnover Increases
Market Performance: The Hang Seng Index (HSI) rose by 71 points (0.3%) to 25,321, while the Hang Seng Technology Index (HSTI) and the Hang Seng China Enterprises Index (HSCEI) fell by 33 points (0.7%) and 32 points (0.4%) respectively, with a total market turnover of $321.87 billion.
Active Heavyweights: Major stocks like Alibaba, Meituan, and Tencent experienced declines, with Alibaba closing down 2.8% at $126.3, while HKEX and Xiaomi saw slight gains.
Notable Movers: AIA and Wharf REIC were among the top gainers, with AIA increasing by 5.1% to $85.1, while JD Health faced a significant drop of 6.2% to $47.5.
Sector Highlights: In the HSMI & HSSI sectors, WestChinaCement plummeted by 26.6%, while SH Electric surged by 15.8%, indicating varied performance across different sectors.
4.0
03-04aastocksS&P Downgrades MEITUAN-W Credit Rating to BBB+ and Assigns Negative Outlook
Rating Downgrade: S&P Global Ratings downgraded Meituan-W's issuer credit rating from A- to BBB+ and also downgraded the issue rating of its outstanding debt to BBB+, with a negative outlook.
Market Competition: The downgrade reflects concerns over Meituan's ability to maintain and grow its market share, particularly due to increased competition from Alibaba in the on-demand delivery sector, which is expected to impact profitability and cash flow.
1.0
03-04aastocksMEITUAN-W Kicks Off Global Spring 2026 Campus Recruitment, Targeting AI Professionals
Recruitment Announcement: MEITUAN-W has launched its 2026 Spring campus recruitment, aiming to fill 6,000 positions for the Class of 2026 and over 3,000 internship-to-full-time roles for the Class of 2027.
Job Categories and Locations: The recruitment covers 10 categories with over 100 positions available, with work locations in various cities worldwide, including Beijing, Shanghai, and Dubai.
Ongoing Recruitment Initiative: The 'Beidou Plan' for attracting top tech talent will remain open throughout the year, focusing on advanced technologies like large model foundations and autonomous driving.
AI Recruitment Focus: AI-related fields are highlighted as a key priority in MEITUAN-W's recruitment strategy, emphasizing the company's commitment to innovation in technology.
Money Flow
Over the past 66 trading days, overall net money flow is 257.72M, with retail investors contributing 27.41M and major investors adding 145.07M.
Net Buy $ Volume
Net Sell $ Volume
CICC
Outperform
maintain
$6 -> $125
2026-02-25
Reason
The analyst rating from CICC for both DiDi Global and MEITUAN-W is maintained at "Outperform" due to the anticipated growth in the Brazilian food delivery market, which is expected to increase significantly in size and penetration rate. The report highlights the competitive strategies of 99Food and Keeta, which are expected to disrupt the local market dominated by iFood. CICC believes that the differentiated competition strategies, including price wars and operational synergies, will enhance market penetration and drive growth, justifying their positive outlook and target prices for both companies.
CICC
Outperform
Price Target
$6 -> $125
2026-02-25
maintain
The analyst rating from CICC for both DiDi Global and MEITUAN-W is maintained at "Outperform" due to the anticipated growth in the Brazilian food delivery market, which is expected to increase significantly in size and penetration rate. The report highlights the competitive strategies of 99Food and Keeta, which are expected to disrupt the local market dominated by iFood. CICC believes that the differentiated competition strategies, including price wars and operational synergies, will enhance market penetration and drive growth, justifying their positive outlook and target prices for both companies.
Citi
Neutral
to
Hold
downgrade
$115 -> $94
2026-02-16
Reason
The analyst rating from Citi on MEITUAN-W (03690.HK) is maintained at Neutral due to several factors. Although the company issued a profit warning forecasting a core local commerce operating loss that was better than both the broker's and market expectations, it still recorded a higher IFRS net loss than anticipated. Additionally, Citi highlighted potential challenges for MEITUAN-W, including increased competition from BABA-W in food delivery and instant retail, as well as competition from Douyin in the in-store business. As a result, Citi has lowered its target price from HKD115 to HKD94, reflecting concerns about the company's ability to navigate these competitive pressures before a turnaround can occur.
Citi
Neutral
to
Hold
Price Target
$115 -> $94
2026-02-16
downgrade
The analyst rating from Citi on MEITUAN-W (03690.HK) is maintained at Neutral due to several factors. Although the company issued a profit warning forecasting a core local commerce operating loss that was better than both the broker's and market expectations, it still recorded a higher IFRS net loss than anticipated. Additionally, Citi highlighted potential challenges for MEITUAN-W, including increased competition from BABA-W in food delivery and instant retail, as well as competition from Douyin in the in-store business. As a result, Citi has lowered its target price from HKD115 to HKD94, reflecting concerns about the company's ability to navigate these competitive pressures before a turnaround can occur.
Morgan Stanley
Morgan Stanley
Overweight
maintain
$120
2026-02-16
Reason
The analyst rating for MEITUAN-W (03690.HK) is Overweight, with a target price of HKD120. The reasoning behind this rating is based on the profit warning issued for FY25, which was in line with market expectations, indicating a net profit loss of around RMB23 billion. Although the anticipated core local business operating loss was slightly better than expected, the company is facing increased competition, particularly from Alibaba, which has led to higher investment costs. Despite these challenges, the overall outlook remains positive enough for Morgan Stanley to maintain an Overweight rating, suggesting confidence in the company's long-term potential despite short-term struggles.
Morgan Stanley
Overweight
Price Target
$120
2026-02-16
maintain
The analyst rating for MEITUAN-W (03690.HK) is Overweight, with a target price of HKD120. The reasoning behind this rating is based on the profit warning issued for FY25, which was in line with market expectations, indicating a net profit loss of around RMB23 billion. Although the anticipated core local business operating loss was slightly better than expected, the company is facing increased competition, particularly from Alibaba, which has led to higher investment costs. Despite these challenges, the overall outlook remains positive enough for Morgan Stanley to maintain an Overweight rating, suggesting confidence in the company's long-term potential despite short-term struggles.
Nomura
Neutral
maintain
$107
2026-02-16
Reason
The analyst rating for MEITUAN-W (03690.HK) is Neutral, primarily due to the company's recent profit warning indicating a shift from profit to a significant net loss for FY25. The forecasted loss of RMB23.3-24.3 billion, particularly for 4Q25, is worse than market expectations. The reasons for this negative outlook include intensified competition in the local life services sector and the company's investments in overseas markets. Additionally, MEITUAN-W's stock has underperformed the market over the past year, with a cumulative decline of 51.7%, contrasting with a rise in the HSI. Given these factors, the analyst believes the stock price will struggle to rebound in the short term, leading to the Neutral rating and a target price of HKD107.
Nomura
Neutral
Price Target
$107
2026-02-16
maintain
The analyst rating for MEITUAN-W (03690.HK) is Neutral, primarily due to the company's recent profit warning indicating a shift from profit to a significant net loss for FY25. The forecasted loss of RMB23.3-24.3 billion, particularly for 4Q25, is worse than market expectations. The reasons for this negative outlook include intensified competition in the local life services sector and the company's investments in overseas markets. Additionally, MEITUAN-W's stock has underperformed the market over the past year, with a cumulative decline of 51.7%, contrasting with a rise in the HSI. Given these factors, the analyst believes the stock price will struggle to rebound in the short term, leading to the Neutral rating and a target price of HKD107.
Citi
Neutral/ High Risk
maintain
$115
2026-02-06
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
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
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
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.
Valuation Metrics
Forward PE
N/A
5Y Average PE
35.16
Current PE
-50.75
Overvalued PE
156.01
Undervalued PE
-85.69
Forward EV/EBITDA
N/A
5Y Average EV/EBITDA
-4.01
Current EV/EBITDA
24.02
Overvalued EV/EBITDA
108.15
Undervalued EV/EBITDA
-116.17
Forward PS
5Y Average PS
3.24
Current PS
1.45
Overvalued PS
5.05
Undervalued PS
1.42
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