reports
- Jin Yoon
Meituan 2Q24 Results: Overall Business Remain Resilient in 2H
What’s new: Meituan’s reported 2Q24 results that top consensus and our expectations. Overall business could remain resilient where core local commerce rev growth could slightly accelerate in 3Q compared to 2Q levels. Meituan Select operating losses could continue to sequentially narrow in 3Q. We maintain our PT at HKD200. Analysts: Jin Yoon
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Friday, July 19, 2024
KEY HIGHLIGHTS Update Hong Kong Exchanges and Clearing (388 HK/BUY/HK$241.40/Target: HK$310.00) June headline ADT declined 12% mom as the market turned cautious ahead of the third plenum meeting. Hence, we revised down our 2Q24 net profit growth forecast to 11% yoy. While the upcoming minimum spread review is expected to boost the headline ADT in the long term, the outcome of the third plenum meeting and the upcoming Fed rate cut cycle are likely to be the key near-term drivers of market sen...
- Jin Yoon
Meituan 1Q24 Results: On-demand Delivery Growth to Normalize in 2Q
What’s new: Meituan’s reported 1Q24 results that top consensus and our expectations. On-demand delivery order volume growth could decelerate in 2Q as comps start to normalize. Meituan Select operating losses could further narrow in 2Q. We maintain our PT at HKD200. Analysts: Jin Yoon
- Johnny Yum Chung Man
Meituan (3690 HK): 1Q24: Earnings beat. ISHT margin to stabilise in 2Q...
Meituan delivered better-than-expected 1Q24 results. Total revenue grew 25% yoy to Rmb73.3b, in line with our estimate. Non-IFRS net profit was Rmb7.5b, with net profit margin of 10%, above consensus estimate. For 2024, we are optimistic on Meituan for: a) achieving its Rmb1t GTV target for 2024 upon its organisational overhaul, b) having its primary focus on profitability, and c) the encouraging travel demand momentum. Upgrade to BUY with a higher target price of HK$130.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Tham Mun Hon
Greater China Daily: Friday, June 7, 2024
KEY HIGHLIGHTS Strategy Market Strategy 2H24: Building blocks in place Rebound on policy clarity. The MSCI China index has made impressive gains of 23.3% since bottoming out in late-Jan 24, bringing ytd performance to 8.2%. This is a remarkable turnaround, as Asia ex-Japan is only up 6.9% ytd. This comes after the government gave clear indications that it remains firmly behind the healthy development of capital markets and efforts to revive the property market will no longer be clouded by conce...
- Jin Yoon
Meituan 4Q23 Results: Meituan Select to Meaningfully Scale Down Losses...
What’s new: Meituan’s reported 4Q23 top line results top consensus and our expectations. Food delivery growth could remain resilient, while New Initiatives could maintain healthy growth in FY24 partly due to scale down in subsidies related to Meituan Select. We maintain our PT at HKD200. Analysts: Jin Yoon
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