Meituan 3690 02 (Jun 23 - Dec 27)

[winston]

vested

MEITUAN-W Once Cascades 5% to Log 2+ Mths Low on Core Local Biz Structure Revamp

The stock once cascaded nearly 5% to a low of $157, logging an over-2-month low, and last cratered 4.42% to $157.9.

MEITUAN-W's core local business unit issued an internal email announcing a new round of organizational overhaul to better implement the "Retail + Technology" strategy and continuously enhance organizational capabilities, as reported by Chinese media earlier today.

Related News: JPM Hikes MEITUAN-W TP to $200; Profitability Still Strong despite Mediocre Consumption Environment

Of which, the original to-home R&D platform, to-store R&D platform, and Meituan platform technology department under the core local business, will be integrated and upgraded into the business R&D platform.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

Walmart China, MEITUAN-W Clinch Strategic Co-op

Walmart China and MEITUAN-W (03690.HK) announced a strategic cooperation, whereby both parties will leverage their respective advantages to collaborate in depth in areas such as instant delivery, product richness, product operations, digital customer capabilities and digital marketing, to jointly create new customer-centric omni-channel retail momentum.

Currently, Walmart stores nationwide have fully launched Meituan.

Zhu Jun, Chief Procurement Officer of Walmart, said that this cooperation is an effective supplement to Walmart's omni-channel layout and that customers will enjoy a more convenient shopping experience through multi-point shopping.

Xiao Kun, Vice President of Meituan and Head of Meituan Instashopping, said that both parties highly agree on the value creation for users and will continue to endeavor to deliver the best products and services to users.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

MEITUAN-W Slumps 5%+ after JD-SW Announces to Launch JD Takeaway

The news that JD-SW (09618.HK) announced the launch of JD Takeaway, dented MEITUAN-W (03690.HK) today (12th) to ebb back after opening 0.49% higher.

JD announced that JD Takeaway officially launched "quality dine-in catering merchants" recruitment, whereby merchants who are onboarded by May 2025 are commission-free for the entire year.

JD Takeaway's service fee is reportedly determined by the delivery distance, order price, time and weather and other factors.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

MEITUAN-W Negates Formulation of Yearly Big OP - 'Four All-ins'

The internal staff news of MEITUAN-W (03690.HK) disclosed that the company's big OP (Objective Plan) set at the beginning of this year is "Four All-ins", namely overseas market, sinking market, drone and AI, Sina Tech reported.

Among which, AI, as the hottest enterprise general ability, is valued by both CEOs of the group, Wang Xing and Wang Puchong.

In response to the above information, Meituan officially clarified that the content of the article, such as the "Four All-ins", has not been verified as any substantive evidence, and the information is not true.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>Citi Believes Restaurant Merchants to Still Rely on MEITUAN Platform, View JD Platform as Source of Extra Transactions/ GMV

JD-SW (09618.HK) 's decision to enter the food delivery business is believed to be due to its plan to privatize Dada Nexus (DADA.US) and to better utilize Dada Now's resources & capacity to improve operational efficiency and enhance Dada's revenue opportunities;

High frequency food delivery business could complement JD-SW's demand for its FMCG sector; to defend and fight back on-demand retail market share, where MEITUAN-W (03690.HK) has been aggressively penetrating into, Citi Research issued a research report saying.

Considering JD-SW's past performance, Citi Research believed that management will remain prudent in terms of subsidies.

While this may put some pressure on MEITUAN-W's takeaway revenue and unit economic benefit in the near term, the broker believed that restaurant merchants will continue to rely on MEITUAN-W's platform and view JD-SW's platform as an extra source of transactions or GMV, given the order volume and the transaction conversion rate.

Therefore, the broker rated JD.com (JD.US) at Buy, with a target price of US$51.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

vested

<Research>UBS Predicts MEITUAN-W 2025 Food Delivery, UE to Grow Sturdily

UBS conducted a survey with an expert from a third-party local services agency, who indicated that MEITUAN-W (03690.HK)’s food delivery order growth in 4Q is forecast to stabilize at a YoY rise of 10%, though QoQ growth will decelerate.

Looking ahead to 2025, the expert projected order growth to hold steady at 10%, driven primarily by the integration of “to-home” and “in-store” services into the ShenHuiYuan membership program since July 2024.

By December, membership had grown to approximately 120 million people (up 20% QoQ), accounting for 24% of monthly active users (MAUs) per QuestMobile data.

Members exhibit a 25% higher purchase frequency than non-members on average, and the expert anticipates that rising membership penetration will bolster average revenue per user (ARPU) going forward.

Beyond initiatives like PinHaoFan for price-sensitive consumers and brand satellite stores for quality-focused demand, Meituan launched “Raccoon Canteen” in January.

This model consolidates stalls from chain restaurants into a single location, allowing consumers to order from multiple merchants in one go to save on delivery fees.

It also enhances operational efficiency and unit economics (UE), as riders can deliver multiple orders from a centralized hub.

UBS believes Meituan’s 4Q UE could excel market expectations (consensus at RMB1.2), as evidenced by Alibaba’s on track loss narrowing in local services.

Following significant UE improvement in 2024, the expert expected stability in 2025 given increased merchant support and expanded rider social insurance coverage.

Trading at 18x 2025E PE amid high expectations, the broker believed Meituan share price may see consolidation into result with better clarity on growth outlook, impact from rider social insurance, as well as its overseas expansion scale.

In the near term, amid a challenging macro environment, UBS expected Meituan to prioritize ecosystem investments and merchant support.

Over the long term, the broker stayed optimistic about Meituan’s moat in the under-penetrated local services sector and its robust monetization potential, maintaining a Buy rating with a target price of HKD270 on the stock.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Meituan's profit surges 158pc to 35.8 billion yuan

Meituan (3690) said its 2024 net profit surged 1.58 times to 35.8 billion yuan (HK$38.4 billion) compared to the previous year, owing to robust contributions from the fourth quarter.

No dividend was declared.

Adjusted net profit climbed 88 percent year-on-year to 43.8 billion yuan.

Its revenue amounted to 337.6 billion yuan, up 22 percent from the previous year.

Specifically, delivery service turnover recorded over 98 billion yuan, marking a 19.3 percent growth yearly.

Total segment operating profit jumped by 143.6 percent to 45.1 billion in 2024, and the operating margin rose from 6.7 percent to 13.4 percent.

In the fourth quarter, revenue amounted to 88.5 billion yuan -- up 20.1 percent compared to the same period in 2023 -- beating the expectations of 87.7 billion yuan.

Net profit in the period surged by over 1.8 times to 6.2 billion yuan, compared to the same period in the previous year.

Source: The Standard

https://www.thestandard.com.hk/breaking ... llion-yuan

[winston]

not vested

<Results>MEITUAN-W 4Q24 Adj. Profit Up 125% YoY to RMB9.85B Slightly Beats

Profit for the fourth quarter ended December 2024 amounted to RMB6.222 billion, up 180% YoY and down 51.6% QoQ, according to MEITUAN-W (03690.HK) 's announcement.

Non-IFRS 4Q24 adjusted net profit amounted to RMB9.849 billion, up 125.1% YoY, slightly beating the 6 brokers' forecasts ranging from RMB8.725 billion to RMB9.801 billion.

Adjusted EBITDA reached RMB11.523 billion, up 207.7% YoY.

Related News - Citi: US Investors Show Significant Interest in CN Stocks; Long-funds More Active Than Hedge Funds

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN

[winston]

not vested

Meituan (3690 HK) 4Q24: Results In Line; Stable 2025 Margin On Competition And Overseas Expansion

Meituan’s 4Q24 results were in line with expectations.

Total revenue grew 20% yoy to Rmb88.5b, in line with our and consensus estimates.

Non-IFRS net profit was Rmb6.2b, with net margin expanding 5ppt yoy to 11%, in line with consensus forecasts.

For 2025, we are cautiously optimistic on Meituan in view of solid progress in overseas expansion and AI development, offset by margin pressures due to the intensely competitive landscape.

Maintain BUY with a lower target price of HK$216.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email

[winston]

vested

MEITUAN-W Shrinks 5% in Early Session as CLSA Cites Slower Growth in Food Delivery Orders in 4Q24


MEITUAN-W's 4Q24 results beat estimations, but the growth of food delivery orders slowed, CLSA said.

The loss of new business grew 1x QoQ due to global expansion. Therefore, the broker lowered its 2025/ 2026 adjusted net profit forecasts by 2%, and kept rating/ target price at Outperform/ $217.

Related News - CLSA: MEITUAN-W (03690.HK) Core Local Commerce Segment Remains Solid; Rating Outperform Kept

The Group announced its annual results for the year ended December 2024 after the market closed on last Friday (21st).

Profit attributable to equity holders surged by 158.4% YoY to RMB35.807 billion, with basic EPS standing at RMB5.85.

No dividend has been declared.

Under non-IFRS measures, adjusted net profit for the year increased by 88.2% YoY to RMB43.772 billion.

Compared with the combined forecast of RMB42.11-45.018 billion from 13 brokers as summarized by our reporters, it aligned with market expectations, close to the median forecast of RMB43.77 billion. In addition, the adjusted EBITDA was RMB49.119 billion, up 105.7% YoY.

MEITUAN-W's annual revenue leaped by 22% YoY to RMB337.592 billion, slightly exceeding the upper limit of the combined forecast of RMB336.385-337.518 billion from 14 brokers as summarized by our reporters.

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... -news/AAFN