Meituan Class B

03690: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Meituan: Transfer of Coverage With a Narrow Moat Rating and a Valuation of HKD 181 per Share

Chelsey Tam

Mar 25, 2025

We have transferred the coverage of Meituan. In the fourth quarter, revenue grew 20% year on year while recurring EBIT soared over 5000%, as competition eased. Sequentially, the new initiatives segment’s operating loss doubled, with the loss margin widening to 9.5% from 4.2%.

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Meituan Class B

Meituan: Transfer of Coverage With a Narrow Moat Rating and a Valuation of HKD 181 per Share

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