Meituan: I Am Bullish Again (Rating Upgrade)

Core Viewpoint - The analyst downgraded Meituan to a hold rating due to concerns over the impacts of the subsidy war, indicating that Q3 results highlighted the significant pressure faced by the company, although it suggests that the worst may be over [1]. Company Analysis - Meituan is currently experiencing challenges related to a subsidy war, which has affected its financial performance in Q3 [1]. - The downgrade to a hold rating reflects a cautious outlook on the company's ability to navigate these pressures effectively [1]. Investment Strategy - The investment approach emphasizes identifying undervalued companies with long-term growth potential, focusing on buying quality companies at a discount to their intrinsic value [1].