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        CMS Chops MEITUAN-W TP to $145; 4Q Weakness Eclipses 3Q Positive Performance

        According to CMS, $MEITUAN-W(03690.HK)$ 's weak 4Q23 eclipsed a good performance in 3Q23, and the group's revenue is expected to increase by 20.8% YoY in 4Q23. Revenue of the group's delivery business is expected to grow by 18%, while that of its in-store hotel and travel business is expected to spike by 40%. The group's margin expansion is expected to be slower but still positive, with adjusted operating margin predicted to increase by 2.6 ppts YoY. The broker also expected the loss from new business to remain at around RMB5 billion.

        CMS trimmed its core profit forecasts on MEITUAN for 2023/24/25 by 3%, 8% and 9% respectively. Taking into account the valuation multiples, profit forecasts and exchange rate changes, the broker lowered MEITUAN's target price from $190 to $145 and maintained its Overweight rating.
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