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<Research>UBS: MEITUAN-W (03690.HK) Competitive Advantages Expected to Remain Unchanged; Sector Competition Eases from Past 2 Yrs
Recommend 14 Positive 23 Negative 7 |
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UBS' channel check data on MEITUAN-W (03690.HK) shows that its local services GTV growth is expected to slow to high single digits in 1Q26, in line with market consensus, while Douyin's GTV growth accelerated to 50-55%, UBS published a research report saying. Excluding near-field retail for a more appropriate comparison, Douyin's GTV still recorded a 40% YoY increase last quarter. UBS expected MEITUAN-W's competitive advantage in local services to remain intact, benefiting from strong consumer mindshare and a highly efficient merchant platform. The broker estimated its operating margin has bottomed out at 25%, and projected the market share ratio between MEITUAN-W and Douyin in the traditional local services market to remain at two to one. Therefore, UBS rated MEITUAN-W at Buy, with a target price of $128, believing that industry competition moderated compared with the past two years. 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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