3690.HK: Rapidly Rolling Out Meituan Selected In More Places; Food Delivery GTV Likely To Grow Y/Y In October And November
Meituan announced in early September that it will expand its community group purchase service, Meituan Selected (美团优选), to 1,000 Chinese cities and counties by the end of 2020. Based on our data, in early December, Meituan Selected is available in 277 cities vs. 186 on November 16th. For food delivery, Meituan market share decreased slightly in October and November 2020 compared with 3Q20, as Ele.me organized successful “11.11” promotional events; however, Meituan’s market share is still close to 70%. Based on our data and calculation, Meituan’s 4Q20 revenue is likely to be better than consensus at RMB36,110M (28.2% Y/Y 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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