Selected Reads

Smartkarma

Equity Bottom-Up

<p><em>The Chinese company ByteDance owns two versions of basically the same app. In the U.S. we have TikTok, used by an estimated 170 million people, while in China they have Douyin, home to more than 700 million active users. Despite having the same parent company, TikTok and Douyin function as separate worlds. Now, as TikTok simmers in political hot water, the differences between the two apps are under a microscope. To get to the bottom of what sets these sister apps apart, Marketplace’s Lily Jamali</em>…</p>

Quam Securities Research

Quam Securities

<h2>Meituan (3690 HK; BUY)</h2>
<h3>Solid operations dragged by investments in new initiative</h3>
<p>Results comment</p>
<p><strong>Meituan reported 4Q20 revenue of RMB 37.92 bn (+34.7% y/y) which was 2% ahead of consensus estimates.  4Q20 adjusted net loss came in at RMB 1.44 bn (vs. adj  profit of RMB 2.05 bn in 3Q20 and RMB 2.27 bn in 4Q19), missing consensus estimates for an adjusted net loss of RMB0.97bn.  The wider-than-expected adjusted net loss was primarily due to operating loss in new initiatives, namely Meituan Select.</strong>…</p>

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<h2>Meituan</h2>
<h3>Upgrade to Buy on brighter prospects</h3>
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<p>Rating and Target Price Upgrade</p>
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<p><strong>Meituan reported solid 3Q20 results with revenue rising by 28.8% y/y and 43.2% q/q to RMB35.4bn, beating market consensus by 4%. Adjusted net profit was +5.8% y/y and -24.4% q/q to RMB2.1bn, 95% ahead of consensus estimates. Further increases in food delivery market share, gradual recovery of OTA and expansion of grocery retail bodes well for Meituan’s future earnings profile. We upgrade Meituan to a Bug</strong>…</p>
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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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