$MEITUAN-W(03690)$ No hype，Meituan’s core local business is a cash-printing machine. Operating profit jumped from RMB 38.7B in 2023 to RMB 52.4B this year，up 35%，and it's well on track to hit RMB 60B+ for the full year. Even without pricing in new bets like community group-buying or overseas delivery, a 20x PE gives it a RMB 1.2T valuation，that’s HKD 1.29T. At today’s price, you're basically buying the core biz and getting the growth stories for free. I’m holding tight!
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