New Street Research - Meituan Dianping 3690 HK (3690) Meituan 1Q23 Results: Continued Recovery in Demand

Report

New Street Research

Jin Yoon

Meituan 1Q23 Results: Continued Recovery in Demand

What's new: Meituan’s reported 1Q23 results were above consensus and our expectations. Overall demand environment could continue to recover on a sequential basis, while the company may increase spending in areas such as live streaming and subsidies to stimulate consumption recovery. We maintain our PT at HKD250.

Analysts:
Jin Yoon

26/05/2023 1 EN

Underlying

Meituan Dianping 3690 HK

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

Meituan 3Q23 Results: Further Investments in 4Q

What’s new: Meituan’s reported 3Q23 top-line results were largely in-line with consensus and our expectations. Food delivery growth could slightly decelerate in 4Q (compared to 3Q) partly due to higher contribution from SME orders and increase in subsidies to stimulate demand recovery. We lower our PT from HKD250 to HKD200 as investments in core local commerce and new initiatives may continue to weigh down on margins. Our revised PT of HKD200 implies a 3.3x FY24E EV/Revs. We maintain our BUY rating.

November 29, 2023 November 29, 2023 1 EN

UOB

Meituan (3690 HK): 3Q23: Solid results; Stabilising in-store market share gain rival competitors.

Meituan delivered solid 3Q23 results. Total revenue grew 22% yoy to Rmb76.2b, in line with consensus estimates. Non-IFRS net profit was Rmb5.7b, translating to a non- GAAP net profit margin of 7%. For 4Q23, Meituan expects growth in food delivery volume to moderate due to a tempered macro recovery and seasonality. We expect ISHT to maintain its solid recovery trajectory in 4Q23. Maintain BUY with a lower target price of HK$171.00.

November 29, 2023 November 29, 2023 1 EN

UOB

Greater China Daily: Wednesday, November 28, 2023

KEY HIGHLIGHTS Results Meituan (3690 HK/BUY/HK$103.00/Target: HK$171.00) 3Q23: Solid results; Stabilising in-store market share gain rival competitors. PDD Holdings (PDD US/BUY/US$117.72/Target: US$150.00) 3Q23: Revenue beat; overseas expansion a core growth pillar. TRADERS’ CORNER Bosideng International (3998 HK): Trading Buy range: HK$3.30-3.40 Skyworth Group Limited (751 HK): Trading Buy range: HK$3.05-3.10

November 29, 2023 November 29, 2023 1 EN

Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

Bharti Airtel printed a decent EBITDA beat, supported by momentum in Domestic mobile and better margins in Enterprise thanks to a deliberate move away from lower margin commodity voice and messaging in global accounts.

EUR 8998.00

2h / 23m 2h / 23m 1 EN

Ben Rickett

Ben Rickett

Inwit (Neutral, €11.7, +12%) 1Q25: Solid quarter supported by small cell strength

Inwit reported a solid set of Q1 results, with slowing macro tower growth offset by increasing demand for small cells/ DAS systems. In this quick note we run through the results and discuss valuation given concerns around MSA renegotiation risk.

EUR 8998.00

2h / 24m 2h / 24m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

SoftBank 4FQ24: GenAI end-to-end portfolio shaping up. Attractive Valuation.

SoftBank Group published its 4FQ24 results this morning. Please see the link below for our take on the print.

12h / 43m 12h / 43m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Meituan 1Q23 Results: Continued Recovery in Demand

Meituan 3Q23 Results: Further Investments in 4Q

Meituan (3690 HK): 3Q23: Solid results; Stabilising in-store market share gain rival competitors.

Greater China Daily: Wednesday, November 28, 2023

Bharti Airtel (Buy, INR 2,070, +13%) Q4 FY25 Quick Take: Dividend doubled (again). Strong margins. Bodes well for Singtel.

Inwit (Neutral, €11.7, +12%) 1Q25: Solid quarter supported by small cell strength

SoftBank 4FQ24: GenAI end-to-end portfolio shaping up. Attractive Valuation.

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe