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MEITUAN-W Sags 6%; CMBI Cuts TP to HKD138; 1Q Results Beat; Food Delivery to Break Even in 2Q
Recommend 17 Positive 23 Negative 17 |
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MEITUAN-W (03690.HK) last quoted at HKD80.1, down 6.32%, with turnover of 36.0248 million shares, involving HKD2.959 billion. CMBI issued a research report noting that MEITUAN-W reported 1Q26 revenue of RMB91 billion, up 5.6% YoY, in line with the broker's and market's expectations. Adjusted net loss amounted to RMB5 billion, much better than the broker's and market's previous forecasts of losses of RMB6.9 billion and RMB6.8 billion, respectively. The better-than-expected 1Q26 results were mainly driven by narrower-than-expected losses in CLC and a contraction in losses from new businesses. As industry competition becomes more rational, user subsidies in the food delivery have become more disciplined, the report pointed out. Operating loss of the CLC narrowed by 80% QoQ in 1Q26. Excluding the impact of increased investment in membership benefits, the broker expected food delivery operating profit to return to breakeven during the peak season in 2Q26, and forecast the overall CLC to turn profitable in 2Q26, recording operating profit of RMB3 billion. CMBI slightly adjusted its 2026 revenue forecast for MEITUAN-W by 1% to reflect a slower recovery in food delivery monetization rate and decelerating in-store revenue growth. However, it lowered its forecasts for operating loss and non-IFRS net loss by 27% and 43%, respectively, to reflect a better-than-expected recovery in food delivery profitability. The broker cut its TP for MEITUAN-W from HKD141.1 to HKD138 and maintained a Buy rating. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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