T. H. Data Flash - Meituan Dianping – June & 2Q20: Higher Rate Of Restaurant Online Migration Accelerated By The Outbreaks and Full Recovery In Online Deliveries And Orders
We are positive into Meituan’s 2Q20 performance. The outbreak in early 2020 and subsequent cluster outbreaks have accelerated the restaurants’ online migration. Year-to-date, the restaurant online adoption rate was 20% higher than that at the end of 2019, which in turn led to 100% recovery in online deliveries and orders. In June 2020, Meituan Food Delivery gained market share on both GTV and orders compared with last month, and it had better Y/Y growth in 2Q20 than its peer on both GTV and orders. Based on our data and calculation, Meituan revenue in 2Q20 is likely to be better than consensus at RMB 23.627B (19.8% 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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