0648 GMT - Meituan's recovery trajectory is likely to remain intact, although it could be slower than previously anticipated, says Fitch Ratings in a note. The ratings company expects Meituan's Ebitda to remain under pressure in 2026, while the Chinese delivery platform's free cash flow is likely to only turn positive in 2027. This is due to intense competition in the country's food delivery sector, with high subsidy spending weakening near-term earnings visibility. Fitch reckons Meituan's leading market position in China's local-services sector and efficiency edge against its competitors should support its recovery once competition normalizes. Shares are up 4.4% at 74.80 Hong Kong dollars.
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