0353 GMT - Meituan's profitability is likely to improve despite revenue concerns, says Morningstar analyst Kai Wang in a research note. Given robust growth of the travel sector, the analyst raises the operating margin forecast for Meituan's hotel and travel business over the long term to 30% from 25%. Still, revenue might be hurt by intensifying competition from rivals such as Alibaba's Ele.me and ByteDance's TikTok, and other factors. The analyst raises the fair value estimate for Meituan to HK$146.00 from HK$127.00 on its improved profitability. Shares are 1.4% higher at HK$167.80. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 22:53 ET (03:53 GMT)
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