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    3690   KYG596691041

MEITUAN INC.

(3690)
  Report
Delayed Hong Kong Stock Exchange  -  12:00 2022-09-29 am EDT
173.50 HKD   +2.78%
09/27Consumer, tourism jump lifts China shares; Morgan Stanley sees reopening
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Meituan slide weighs on stocks, CEE leads FX lower

08/16/2022 | 04:51am EDT

* Meituan slides after Tencent stake sale

* EM sentiment hit by China growth worries - analyst

* Hungary's forint, Romanian leu down over 1%

Aug 16 (Reuters) - A 9% slide in tech heavy-weight Meituan weighed on emerging market shares on Tuesday, while Hungary's forint and Romania's leu led declines among currencies on recession worries.

The forint and leu fell 1% each against a steady euro, while currencies of Poland and the Czech Republic lost about 0.2% each.

Poland is approaching the end of its monetary policy tightening cycle but there remains room for further increases to interest rates, central banker Henryk Wnorowski said on Tuesday.

"CEE (currencies are) under pressure from growing concerns about negative implications for the euro zone economy of a slowdown in China," said Piotr Matys, senior FX analyst at InTouch Capital Markets.

Markets globally had taken a hit on Monday after dismal retail sales and factory activity data from China raised worries about economic recovery in the world's second largest economy and heightened fears about of a global recession.

China's central bank cut a key lending rate following the data, pressuring the yuan. The currency extended declines against the dollar on Tuesday to hit three-month lows, last down -0.2%.

"Sentiment remains negative after the PBoC spooked markets by unexpectedly cutting interest rates which was interpreted by investors as a signal that economic slowdown in China could be far worse than they anticipated," Matys said.

Data showing dipping U.S. single-family homebuilders' confidence and factory activity in New York also amplified recession worries as it came after recent data that showed the U.S. economy shrank for a second straight quarter.

TENCENT STAKE SALE HITS MEITUAN

While most bourses in the emerging market space rose on Tuesday, Chinese blue-chips inched lower, while Hong Kong's benchmark index dropped 1.1%.

Hong Kong tech stocks slumped 2.0% as Meituan slumped 9.1% after sources said Tencent Holdings plans to sell all or a bulk of its $24 billion stake in the food delivery firm to placate domestic regulators.

A heavy-weight on the broader emerging markets stocks index, Meituan's slide offset gains in most other stocks, leaving MSCI's index of EM shares flat.

In Kenya, dollar-denominated bonds recovered slightly after falling as much as 2.9 cents on the dollar on Monday after the country's elections chief declared Deputy President William Ruto the winner of a tight presidential race which was disputed by a number of the country's top election officials.

For GRAPHIC on emerging market FX performance in 2022, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2022, see https://tmsnrt.rs/2OusNdX

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see (Reporting by Susan Mathew in Bengaluru; editing by David Evans)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CHINESE YUAN RENMINBI (AUD/CNY) -0.50% 4.663341 Delayed Quote.-0.15%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) -0.13% 0.66921 Delayed Quote.5.33%
BRITISH POUND / CHINESE YUAN RENMINBI (GBP/CNY) -0.76% 7.761598 Delayed Quote.-11.26%
BRITISH POUND / EURO (GBP/EUR) -0.05% 1.11507 Delayed Quote.-5.98%
BRITISH POUND / US DOLLAR (GBP/USD) -0.24% 1.08008 Delayed Quote.-20.44%
CANADIAN DOLLAR / CHINESE YUAN RENMINBI (CAD/CNY) -0.35% 5.2656 Delayed Quote.3.35%
CANADIAN DOLLAR / EURO (CAD/EUR) 0.01% 0.755989 Delayed Quote.8.86%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.19% 0.7318 Delayed Quote.0.00%
EURO / CHINESE YUAN RENMINBI (EUR/CNY) -0.43% 6.9632 Delayed Quote.-5.03%
EURO / HUNGARIAN FORINT (EUR/HUF) 0.22% 413.67 Delayed Quote.10.56%
EURO / US DOLLAR (EUR/USD) -0.20% 0.96852 Delayed Quote.-15.60%
INDIAN RUPEE / CHINESE YUAN RENMINBI (INR/CNY) -0.43% 0.088046 Delayed Quote.2.44%
INDIAN RUPEE / EURO (INR/EUR) 0.14% 0.012647 Delayed Quote.8.09%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.32% 0.012244 Delayed Quote.-8.75%
MEITUAN INC. 2.78% 173.5 Delayed Quote.-25.11%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.49% 0.56872 Delayed Quote.-17.14%
TENCENT HOLDINGS LIMITED 0.95% 276.6 Delayed Quote.-38.53%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.41% 7.1892 Delayed Quote.12.81%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) -0.17% 7.1866 Delayed Quote.12.27%
US DOLLAR / EURO (USD/EUR) 0.20% 1.032503 Delayed Quote.18.19%
US DOLLAR / HUNGARIAN FORINT (USD/HUF) 0.48% 427.12 Delayed Quote.30.58%
All news about MEITUAN INC.
09/27Consumer, tourism jump lifts China shares; Morgan Stanley sees reopening
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09/27'Overinvested' China healthcare sector set for shake up -top venture fund
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09/26China, Hong Kong stocks fall for 4th session amid global rate hikes
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09/23China stocks fall on foreign outflow concerns, geopolitical risks
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09/23China stocks fall on foreign outflow concerns, COVID woes
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09/21Tencent Refutes Reported Plan to Cut Investments to Fund Share Repurchase
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09/21China's blue-chip stocks hit four-month low as Fed rate hike looms
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09/21MEITUAN INC. : Half-year report
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Analyst Recommendations on MEITUAN INC.
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Financials
Sales 2022 223 B 30 919 M 30 919 M
Net income 2022 -8 981 M -1 247 M -1 247 M
Net cash 2022 56 676 M 7 871 M 7 871 M
P/E ratio 2022 -91,2x
Yield 2022 -
Capitalization 958 B 133 B 133 B
EV / Sales 2022 4,05x
EV / Sales 2023 3,02x
Nbr of Employees 90 472
Free-Float 71,2%
Chart MEITUAN INC.
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Meituan Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends MEITUAN INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 43
Last Close Price 154,84 CNY
Average target price 219,15 CNY
Spread / Average Target 41,5%
EPS Revisions
Managers and Directors
Xing Wang Chairman & Chief Executive Officer
Shao Hui Chen Chief Financial Officer & Senior Vice President
Heung Yeung Shum Independent Non-Executive Director
Xue Song Leng Independent Non-Executive Director
Gordon Robert Halyburton Orr Independent Non-Executive Director
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