Meituan: 4Q22 Results - Demand Recovery on Track
What's new: Meituan’s reported 4Q22 top line results were above consensus and our expectations. Despite tougher comps in the first two months of the year, core local commerce continues to improve on a sequential basis where segments such as food delivery has fully recovered in recent weeks. However, incremental spending to stimulate the consumption recovery coupled with competition could potentially weigh down on margins – especially for the in-store, hotel and travel segment. We maintain our PT at HKD250.Analysts:
Jin Yoon
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