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<Research>UBS: MEITUAN-W (03690.HK) Competitive Advantages Expected to Remain Unchanged; Sector Competition Eases from Past 2 Yrs
Recommend 6 Positive 10 Negative 5 |
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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 AASTOCKS Financial News |
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