Golden Finance News | Morgan Stanley's report states that despite the weak macro environment, it still expects a 37% increase in operating profit for Meituan (03690) in the third quarter of 2024. The bank points out that benefiting from China's government policy orientation, the total transaction value (GTV) of Meituan's core local commerce (CLC) business will double from 2024 to 2029.

The bank has raised its adjusted net profit forecast for 2026-2028 by 15-25%. In addition, the expected US dollar to RMB exchange rates for 2024 and 2025 are 7.1 and 7.15, better than the previous 7.35 and 7.3. Therefore, the target price has been raised by 72% from HK$125 to HK$215, reiterating a "shareholding" rating.