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<Research>Jefferies: MEITUAN-W (03690.HK) Shows Strong Execution w/ Solid CLC Operating Profit Growth
Recommend 14 Positive 28 Negative 9 |
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MEITUAN-W (03690.HK) announced the issuance of senior notes with a total amount of US$2.5 billion, including US$1.2 billion 4.5% senior notes due 2028 and US$1.3 billion 4.625% senior notes due 2029, which is not entirely unexpected by the market taking into account MEITUAN-W's repayment demand, Jefferies released a research report saying. MEITUAN-W's core local commerce (CLC) business continued to record solid growth in operating profit and synergies with other businesses, with stronger execution capabilities, Jefferies added. Jefferies believed that the management has already raised the revenue and operating profit targets of its CLC business, although the Company still has to face unfavorable factors in the macro economy. Therefore, the broker still rated MEITUAN-W at Buy, with a target price of $150. AAStocks Financial News |
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