New Street Research - Meituan Dianping 3690 HK (3690) Meituan 2Q23 Results: Food Delivery to Face ST Headwinds

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New Street Research

Jin Yoon

Meituan 2Q23 Results: Food Delivery to Face ST Headwinds

What's new: Meituan’s reported 2Q23 results were above consensus and our expectations partly driven core local commerce. Food delivery could face short-term headwinds due to macro and extreme weather conditions in 3Q, while margins could further improve YoY driven by better operating efficiency. We maintain our PT at HKD250.

Analysts:
Jin Yoon

25/08/2023 1 EN

Underlying

Meituan Dianping 3690 HK

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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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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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

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Meituan 2Q23 Results: Food Delivery to Face ST Headwinds

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

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

Vivo / Telefonica Brasil (Buy, TP: BRL33, +21%) Q1 25: Solid start to the year

FCC Chair Escalates DISH/SpaceX battle

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