3690.HK: Meituan’s Business Maintains Stability Amid Negatives; Likely To Enjoy Higher Growth In 2H2022
Meituan will report 4Q21 results in mid-to-late March. We are positive on Meituan’s 4Q21 and 1Q22 performance even though there were two negative factors going against the company, including ongoing COVID lockdowns and recent NDRC policies regarding potential fee cut. Following the NDRC’s directive to cut commission fees to help the services sector, Meituan announced information service commission cut for small and micro restaurants in high and middle risk areas. The impact from the fee cut was minimum. As for China’s COVID’s zero-case policy, after the Winter Olympic Games, we have started to see a change in tone from officials. As the whole world is opening up, we believe China is also seriously considering it. Once that happens, we believe Meituan is likely to enjoy higher growth.
MEITUAN DIANPING is a China-based e-commerce platform providing life services. The Company connects consumers and businesses to provide services satisfying people's daily eating needs. The Company owns an instant food ordering and delivery brand, Meituan, as well as provides services through its mobile application, Meituan. The Company is also engaged in the operation of a bike-sharing brand, Mobike.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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