3690.HK: Positive On 1Q21 Performance And Longer-Term Outlook Despite The Short Term Policy Issues
Meituan will report 1Q21 results on May 28th before the markets open with a 7am EST conference call. We are positive on Meituan’s 1Q21 performance. The government is investigating Meituan for its potential misconducts. While a fine is quite certain, the issues surrounding riders’ safety and social welfare have become the center of discussion. At the end, we believe Meituan is highly likely to pay extra expense as part of its social responsibilities. However, after that, we believe Meituan’s business will be out of current uncertainties and resume growth. We are quite optimistic about the company’s longer-term outlook. Based on our data and assumptions, in 1Q21, Meituan revenue is likely to be slightly better or in-line with consensus at RMB35.118B.
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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