Meituan 3690

[winston]

vested

MEITUAN-W No Longer Supports Alipay; WeChat Pay Unavailable on Taobao Neither: Wang Xing

Some MEITUAN-W (03690.HK) users have discovered the app no longer supports Alipay, only offering payment options like Meituan Monthly Pay, debit cards, WeChat Pay and Apple Pay.

In response, MEITUAN-W co-founder Wang Xing asked on social media why Taobao does not support WeChat Pay, as WeChat Pay brags more active users than Alipay with lower transaction fees.

Source: AAStocks Financial News

[winston]

not vested

Meituan Dianping
One APP to “do it all”

Meituan is the leader in China's food-delivery market with a 67% market share, much bigger than second-largest player, Eleme’s 27%. It is also the No. 1 player in the hotel booking sector, in terms of number of room nights booked.

We believe that Meituan has plenty of room to gain further market share, given the low penetration rate of 7.1% for the online local lifestyle industry and 14% for O2O food delivery of the overall catering industry.

We expect Meituan’s FY19–22F CAGR for total revenue and net profit to be 29.7% and 112.8%, respectively, driven by an overall GTV CAGR of 21.5%.

We initiate coverage with an Add rating and DCF-based target price (TP) of HK$247.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E8F0A8E31D

[winston]

not vested

Brokers' Latest Ratings, TPs on MEITUAN-W (03690.HK) (Table)

Ahead of MEITUAN-W (03690.HK)'s interim results release slated for 21 August, brokers foretold 1H20 loss of RMB1.078-3.419 billion, up 93.5-514% yearly.

Brokers│Investment Ratings│TPs (HK$)
HSBC Global Research│Buy│246
Citigroup│Buy│242
UBS│Buy│240
Jefferies│Buy│228
BofA Securities│Buy│214.2
Macquarie│Outperform│210
Goldman Sachs│Buy│191
JPMorgan│Overweight│165
DBS Vickers│Buy│156
Daiwa│Buy│155
CICC│Outperform│140
Morgan Stanley│Overweight│135
Nomura│Neutral│122

Source: AAStocks Financial News

[winston]

not vested

Brokers See Meituan Interim Adjusted Loss RMB21M; Eyes on Takeaway Outlook Guidance

MEITUAN-W (03690.HK) will unveil interim results on 21 August.

According to brokers' forecasts as compiled by our reporters, Meituan's 1H20 non-GAAP adjusted profit may range from negative RMB1.29 billion to positive RMB1.156 billion.

The median forecast was RMB21 million in non-GAAP adjusted loss.

Investors will focus on Meituan's latest outlook for food delivery unit in 2H20 and 2021.

Related NewsHSBC Research Lifts MEITUAN-W (03690.HK) TP to $246, 2Q20 Revenue May Grow 10%

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Brokers│1H20E Non-GAAP Adjusted Profit (RMB)│YoY Change
CCB International│1.156B│+155.2%
Macquarie│474M│+4.6%
Citigroup│25M│-94.5%
Goldman Sachs│21M Loss│-
Haitong International│47M Loss│-
BOCOM International│361M Loss│-
BOC International│1.29B Loss│-

Based on 2019 interim non-GAAP adjusted profit of RMB453 million

AAStocks Financial NewsSource:

[winston]

not vested

Meituan Dianping net soars to 2,2b yuan

Meituan Dianping (0369) said inet profit soared by 1.5 times year on year to 2.21 billion yuan (HK$2.48 billion) in the second quarter.

Adjusted EBITDA was up by 12 percent to 2.61 billion yuan in the second quarter.

The group did not declare a dividend.

Revenue was up by 8.9 percent to 24.7 billion yuan.

The food and beverage delivery grew by 13.2 percent in the second.

For the first half, it turned loss to a profit of 630 million yuan, compared with last year's loss of 557 million yuan.

Source: The Standard

https://www.thestandard.com.hk/breaking ... -2,2b-yuan

[winston]

not vested

Meituan Dianping
Strong turnaround after the pandemic impact

Meituan reported 1H20 revenue of Rmb41.5bn, down 1% yoy, with 2Q20 revenue up 8.9% yoy. 1H20 adjusted net profit was Rmb2.5bn, over four times that in 1H19, above our expectation, mainly due to stronger margin expansion.

We expect Meituan’s food-delivery segment, in-store, hotel and travel segment, and new-initiatives segment to achieve revenue growth of 20%, 3% and 35% yoy, respectively, in 3Q20F, and total revenue to grow by 19.3% yoy in 3Q20.

We reiterate Add with a new DCF-based TP of HK$286.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 20AF0795C9

[winston]

not vested

COMPANY RESULTS

BUY (Maintained)
Share Price HK$245.20
Target Price HK$272.00
Upside +10.9%
(Previous TP HK$175.00)

COMPANY DESCRIPTION
Meituan-Dianping is a Chinese group buying website for locally found food delivery services, consumer products and retail services.

STOCK DATA
Shares issued (m): 5,143.0
Market cap (HK$m): 1,441,428.5
52-week high/low HK$245.20/HK$70.00

FY20 NAV/Share (Rmb) 15.75
FY20 Net Cash/Share (Rmb) 2.00

2Q20: Results Trumped Expectations; Even Brighter Outlook In The Duopoly

Market With Strong Domestic Recovery

Meituan Dianping delivered better-than-expected 2Q results.

Total revenue grew by 9% yoy to Rmb24.7b, 5% ahead of consensus estimates.

Group adjusted operating profit was Rmb1.7b, beating our expectation on the back of controlled user subsidies during the quarter.

Non-GAAP net profit was Rmb2.7b, surged 82% yoy.

Management expects to invest more into user incentives on Food delivery/Hotel and New Initiatives in 2H20.

We maintain BUY with a higher target price of HK$272.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 9879f4b2ba

[winston]

not vested

What’s New

Non-IFRS 2Q20 net profit climbed 82% y-o-y to Rmb2.7bn, above market expectations

Higher mix of branded merchants enhances monetisation potential

Raised P/S multiple of its food and delivery business to 11x from 6x to reflect its sustantial growth potential

Reiterate BUY; TP lifted to HK$380 from HK$227

Source: DBS

https://researchwise.dbsvresearch.com/R ... gidgkfhgbh

[winston]

not vested

Aug 24, 2020

Brokers' Latest Ratings, TPs, Views on MEITUAN-W (03690.HK) Post Results (Table)

Brokers│Ratings│TPs ($)
Nomura│Neutral->Buy│122->300
BofA Securities│Buy│214->296
HSBC Global Research│Buy│246->290
Haitong International│Outperform│227.2->283.8
CITIC Securities│Buy│225.2->280.3
Morgan Stanley│Overweight│135->280
Goldman Sachs│Buy│191->256
CICC│Outperform│140->260
Huatai Financial Holdings│Buy│230.2
CMS International│Neutral│200->229
Jefferies│Buy│228
JPMorgan│Neutral│200->225
Macquarie│Outperform (Reviewing)│210 (Reviewing)
------------------------

Brokers│Views

Nomura│Food delivery recovery rapid
BofA Securities│Mid- to long-term core biz competition steadier
HSBC Global Research│Prioritizes ecosystem rejuvenation than profitability
Haitong International│Break-even ability proven
CITIC Securities│Core biz edge stronger
Morgan Stanley│Re-invests for growth
Goldman Sachs│QoQ result solid; food delivery still leading mkt
CICC│Long-term same-city mkt outlook broad
Huatai Financial Holdings│QoQ result beats; long-term outlook positive
CMS International│Excellent opportunity to expand mkt shr, boost input
Jefferies│QoQ result beats
JPMorgan│2Q GPM may not be new norm; online grocery retail as next spotlight
Macquarie│Earnings upturn may fade on investment in 2H20

Source: AAStocks Financial News

[winston]

not vested

CITIC Sec: MEITUAN-W (03690.HK) Core Biz May Stay Robust; Super-Platform Ecological Value to Rise

CITIC Securities in its report predicted MEITUAN-W (03690.HK) 's core business to stay robust, and the group may nourish the next growth point, which will generate higher platform ecological value.

The broker kept Buy on MEITUAN-W at the target price $290.6.

Related NewsC Suisse Adds MEITUAN-W (03690.HK) TP to $310, Online Penetration May Speed Up

Source: AAStocks Financial News