Goldman Sachs: Confident in Meituan-W's leadership position in local services, maintains target price of HKD 144

Goldman Sachs released a research report stating that it is confident in Meituan-W's overall leadership position in the expanded total addressable market (TAM) for instant retail and expects that delivery subsidies will gradually normalize by 2026. It maintains a target price of HKD 144 and a "Buy" rating. Additionally, the bank noted that investors' main concerns are focused on the latest delivery competition landscape and Meituan's unique positioning, competition and profit margin trends in the in-store business, growth and profitability prospects of instant retail, the expansion and investment scale of Keeta, AI strategies, and the narrowing losses of new businesses