Jefferies: Meituan-W (03690)'s intention to issue US dollar senior notes was unexpected, with a rating of “buy” and a target price of HK$150

The Zhitong Finance App learned that Jefferies released a research report stating that the target price for the Meituan-W (03690) “buy” rating is HK$150. The company recommended issuing US dollar senior notes.

The bank pointed out that there are no details about this batch of notes, but the company's announcement stated that they are mainly used to refinance existing offshore debts and other business purposes. The bank believes that for the market, this move was not entirely unexpected, as Meituan's interim report revealed that the company must re-support US dollar payables.

On the other hand, Jefferies believes that Meituan has strong execution capabilities, raised its core local commercial revenue and operating profit prospects, and also agreed with the synergy effects of the company's various business segments. Among them, Meituan's preferred fundamentals have improved; Meituan's data for the first two days of the Mid-Autumn Festival holiday also showed stable performance.