Ac t i o n | 26 Mar 2026 17:54:43 ET │ 22 pages Meituan (3690.HK) Loss Narrowing Faster-Than-Expected; UG To Buy/HR At TP of HK$110 CITI'S TAKE We are upgrading Meituan from Neutra/HR to Buy/HR. Despite intense competition, MT's food delivery UE demonstrates decent sequential improvement in 4Q25 and is expected to further improve in 1Q26 thanks to its strategic focus on high AOV and high-quality users. Its solid execution is also proven in overseas markets where Keeta has successfully turned profitable in H ...