not vested
INITIATE COVERAGE BUYShare Price HK$147.10
Target Price HK$175.00
Upside +19.0%
COMPANY DESCRIPTION
Meituan Dianping is China’s leading one-stop services platform focusing on mass-market
and high-frequency service categories, including dining recommendation and food
delivery services.
Shares issued (m): 5,091.2
Market cap (HK$m): 874,010.4
Market cap (US$m): 112,758.1
3-mth avg daily t'over (US$m): 428.7
Major Shareholders %
Huai River Investment 12.29
Tencent 7.68
Sequoia Capital China 9.14
FY20 NAV/Share (Rmb) 15.04
FY20 Net Cash/Share (Rmb) 1.23
Meituan Dianping (3690 HK)
Leader Of Duopolistic Market Riding On Resilient Local Services
Meituan is well positioned in China’s large consumer services market with a dominant position.
It has been solidifying its leading position in online local services in China’s mostly duopolistic market, spanning food delivery, in-store dining and online services, with a market share of 65% as of 2019 in China’s online on-demand delivery market in terms of GTV, and 35% of online hotel bookings by number of domestic room nights.
Initiate coverage with BUY and target price of HK$175.00
Source: UOBKH
https://research.uobkayhian.com/content ... 2fb62fc8ac
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