Meituan's Earnings Outlook Turns Brighter on Strong Food Delivery Segment -- Market Talk

Dow Jones06-10

0322 GMT - Meituan's earnings outlook is brighter on its food delivery segment showing stronger-than-expected potential to improve unit economics backed by optimized delivery costs and enhanced ads monetization, say Nomura analysts Jialong Shi and Rachel Guo. Its food delivery business's operating profit may grow 16% in 2024 on 14% growth in revenue and 15% growth in order volume, they say. Nomura expects Meituan's in-store segment revenue to grow 25% as competition has eased since February. "Meituan is in the process of more closely integrating the in-store segment with its food delivery service as both serve largely overlapped restaurant merchants and diners," they add. Nomura raises the stock's target to HK$135.00 from HK$129.00 and maintains a buy call. Shares last closed at HK$110.40. (sherry.qin@wsj.com)

(END) Dow Jones Newswires

June 09, 2024 23:22 ET (03:22 GMT)

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Nomura expects Meituan's in-store segment revenue to grow 25% as competition has eased since February. \"Meituan is in the process of more closely integrating the in-store segment with its food delivery service as both serve largely overlapped restaurant merchants and diners,\" they add. Nomura raises the stock's target to HK$135.00 from HK$129.00 and maintains a buy call. Shares last closed at HK$110.40. 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