Market Insight | Meituan-W rises more than 3%, Keeta will launch in the capital of Saudi Arabia today, Daiwa raises company earnings forecast and target price

Meituan-W rose more than 3%, as of the time of publication, it rose by 3% to HKD 185.6, with a turnover of HKD 10.567 billion. On the news front, according to a report by the Economic Daily News, it was discovered today on Meituan's overseas version Keeta that Keeta will officially launch in the Saudi Arabian capital Riyadh at 11:00 local time today. Keeta indicates that users placing their first order in Riyadh today will enjoy a 50% discount and unlimited free delivery. Daiwa Research report pointed out that Meituan's food delivery and local services business should benefit from the consumption recovery, and its recent outperformance in the stock market has led to a higher valuation compared to its peers. The firm reiterated a "buy" rating on the company, raising the target price from HKD 160 to HKD 235. Daiwa raised Meituan's revenue forecast for next year to 2026 by 2%, considering operating leverage, and also raised its earnings per share forecast for Meituan from next year to 2026 by 3% to 5%