Zhixin Finance APP learned that Meituan-W (03690) rose more than 4% in the afternoon, up 4.09% to HKD 119.7 with a turnover of HKD 1.948 billion as of press time.

On the news front, Meituan announced on June 18 to repurchase 4.3098 million shares for about HKD 500 million, with a repurchase price of HKD 114.6 to HKD 118.8 per share. It is reported that Meituan has repurchased 70.7502 million shares in the past three months, accounting for 1.13% of the company's issued share capital. The company previously announced a new repurchase plan, which will occasionally repurchase no more than USD 2 billion worth of shares on the open market.

Fubon believes that the company's announced USD 2 billion share buyback plan is a positive factor, reflecting confidence in the outlook and creating value for shareholders. Bank of America's research report pointed out that it raised Meituan's target price by 5.2% from HKD 135 to HKD 142, raising 2024-2026 profit forecast by 3%-6%, mainly due to better profit trend. It reiterated a "buy" rating, mainly benefiting from optimistic trends in core business and stable competition.