• 2020-12-17

    3690.HK: Rapidly Rolling Out Meituan Selected In More Places; Food Delivery GTV Likely To Grow Y/Y In October And November

    Meituan announced in early September that it will expand its community group purchase service, Meituan Selected (美团优选), to 1,000 Chinese cities and counties by the end of 2020. Based on our data, in early December, Meituan Selected is available in 277 cities vs. 186 on November 16th. For food delivery, Meituan market share decreased slightly in October and November 2020 compared with 3Q20, as Ele.me organized successful “11.11” promotional events; however, Meituan’s market share is still close t……

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  • 2020-05-11

    Meituan Dianping (3690.HK): Positive on 1Q20 Performance On Higher Online Restaurant Penetration and Better Economics Per Order

    We are positive on Meituan’s 1Q20 performance, which is benefiting from higher online penetration for restaurants and grocery stores post the outbreak. Our data shows that more restaurants are adopting online delivery to accomplish recovery. In 1Q20, Meituan Dianping’s food delivery business is likely to be better than the Street expectation. Delivery GTV is likely to decline 4.3% Y/Y to RMB72.4 billion, but per order economics is likely to be better in 1Q20 compared with 4Q19 and 1Q19 due to mu……

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  • 2019-08-13

    3690.HK: Margins Likely To Improve Meaningfully On Fewer Subsidies In 2Q19 And Changes In Competition

    Meituan will report 2Q19 results on August 23rd before the markets open with a 7am EST conference call. We are positive into 2Q19 results, as Meituan is likely to be better on margins due to fewer subsidies. Based on our data and assumptions, Meituan Dianping revenue is likely to be better than consensus at RMB 21.7B in 2Q19 and our model. Gross margin at per unit of food delivery improved significantly in 2Q19 as the subsidies for drivers was less in 2Q19, which we believe is likely to lead to ……

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  • 2018-11-21

    Meituan Dianping (3690.HK): Meituan Has To Fight The Fight In Food Delivery

    Meituan Dianping will report 3Q18 results on November 22nd with a 7am EST conference call. Based on our proprietary data and assumptions, Meituan food delivery GTV is likely to grow 56.2% Y/Y in 3Q18 to RMB79.0B, mainly attributable to order growth at 47.6% Y/Y. However, since it became a public listed company, the competition with Ele.me has been heating up. ……

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