0344 GMT - Meituan's volume growth is likely to be hurt by macro headwinds, according to Nomura analysts Jialong Shi and Rachel Guo in a research note. The analysts note that Meituan has experienced a slowdown in order volume growth since November. While the management noted that unusually warmer weather may hurt the demand, Nomura reckons that a weaker economy and the high jobless rate may have added to the pressure, they say. The analysts expect food delivery order volumes will grow 9% year-on-year in 4Q, slowing from 11%-12% growth in the preceding two quarters. The analysts maintain a buy rating and cut the target price to HK$212.00 from HK$224.00. Shares are 4.5% lower at HK$161.20. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
December 01, 2024 22:44 ET (03:44 GMT)
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