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Stock Track | Meituan Surges on Upbeat Outlook and Profitability Improvement

Stock Track08-30

Shares of Chinese delivery giant Meituan (03690) soared 5.10% during intraday trading on August 30, 2024, as investors reacted positively to the company's promising outlook and improved profitability.

According to a research note from Morningstar analyst Kai Wang, Meituan's second-quarter results showed significant profitability improvement, despite facing intense competition in its in-store and hotel businesses. The company has been promoting lower-value transactions to cater to Chinese consumers' needs amid the slowing economy.

Notably, Meituan has managed to narrow losses in its new initiatives, such as Meituan Select, its group-buying business. Wang believes these efforts will be less value-destructive going forward, contributing to the company's overall financial performance.

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  • Raden445
    ·09-02
    Yer prom ay you nhow
    Reply
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