External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.</li><li>Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.</li><li>Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>The stock has declined for three years and a half, from HK$460 to HK$100.</li>
<li>Revenue grew by 21% YoY and the operating margin improved significantly in 2Q24.</li>
<li>We conclude the stock has an upside of 131% and a price target of HK$237. Buy.</li>
</ul>


The stock has declined for three years and a half, from HK$460 to HK$100.
Revenue grew by 21% YoY and the operating margin improved significantly in 2Q24.
We conclude the stock has an upside of 131% and a price target of HK$237. Buy.


MT / Meituan (3690 HK): 2Q24, Three-Digit Profit Growth After Three-Year Stock Plunge, Buy

<ul>
<li>In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.</li>
<li>We believe Douyin will not threaten MT in the long run according to other competitors’ failure.</li>
<li>We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.</li>
</ul>


In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.
We believe Douyin will not threaten MT in the long run according to other competitors’ failure.
We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.


MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

Blue Lotus Research Institute

Andy Fu

China growth and global non-US Internet equities

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>On August 7th, Meituan's on-demand order volume reached a historical high of 98mn on surging orders from street drinks. Meituan has connected to the backend systems of street drink vendors;</li>
<li>Delivery order is a double-edged sword. It boosts volume at the expense of margin. Further, the ownership of the volume is questionable;</li>
<li>With Pin-hao-fan, Meituan already atomized the small restaurants. Now Meituan is playing the same trick with street drinks. The result will be more dramatic to the benefit of Meituan.</li>
</ul>


On August 7th, Meituan's on-demand order volume reached a historical high of 98mn on surging orders from street drinks. Meituan has connected to the backend systems of street drink vendors;
Delivery order is a double-edged sword. It boosts volume at the expense of margin. Further, the ownership of the volume is questionable;
With Pin-hao-fan, Meituan already atomized the small restaurants. Now Meituan is playing the same trick with street drinks. The result will be more dramatic to the benefit of Meituan.


O2O Playing a More Prominent Role in China Street Drinks

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>We expect Meituan’s C2Q24 rev. and non-IFRS NI to be 0.7% and 12.3% higher than cons, driven by resilient catering demand and eased competition.</li>
<li>We expect Meituan in-store OPM improve to 33%/35% in 2Q24/2H24 supported by increasing commission rate and cutting BD cost.</li>
<li>We maintain the stock as BUY rating and raise TP by HK$4 to HK$160/share to factor in the better profitability.</li>
</ul>


We expect Meituan’s C2Q24 rev. and non-IFRS NI to be 0.7% and 12.3% higher than cons, driven by resilient catering demand and eased competition.
We expect Meituan in-store OPM improve to 33%/35% in 2Q24/2H24 supported by increasing commission rate and cutting BD cost.
We maintain the stock as BUY rating and raise TP by HK$4 to HK$160/share to factor in the better profitability.


[Meituan (3690 HK, BUY, TP HK$160) TP Change]: Resilient Catering & Eased Competition Support Growth

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

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Meituan (3690 HK)

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.

CMB International

MT / Meituan (3690 HK): 2Q24, Three-Digit Profit Growth After Three-Year Stock Plunge, Buy

The stock has declined for half year, from HK$460 to HK$100. However the 2Q24 result is quite good, both growth rate and profit margin. We believe...

Ming Lu

MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

In 4Q23, we believe total revenue will grow by 20% YoY and MT will book the fourth profitable quarter. We believe Douyin will not threat MT in the...

Ming Lu

O2O Playing a More Prominent Role in China Street Drinks

Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

Blue Lotus Research Institute

[Meituan (3690 HK, BUY, TP HK$160) TP Change]: Resilient Catering & Eased Competition Support Growth

Meituan's strong performance in Q2 2024 driven by resilient catering demand and improved profitability, stock maintained as BUY with raised target...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.

CMB International

MT / Meituan (3690 HK): 2Q24, Three-Digit Profit Growth After Three-Year Stock Plunge, Buy

The stock has declined for half year, from HK$460 to HK$100. However the 2Q24 result is quite good, both growth rate and profit margin. We believe...

Ming Lu

MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

In 4Q23, we believe total revenue will grow by 20% YoY and MT will book the fourth profitable quarter. We believe Douyin will not threat MT in the...

Ming Lu

O2O Playing a More Prominent Role in China Street Drinks

​Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

Blue Lotus Research Institute

[Meituan (3690 HK, BUY, TP HK$160) TP Change]: Resilient Catering & Eased Competition Support Growth

​Meituan's strong performance in Q2 2024 driven by resilient catering demand and improved profitability, stock maintained as BUY with raised target...

Blue Lotus Research Institute

Meituan benefits from surge in delivery orders for street drinks, reaching record high order volume on August 7. Street drink brands are more rely...

Meituan's strong performance in Q2 2024 driven by resilient catering demand and improved profitability, stock maintained as BUY with raised target...