Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

GOGOX (PHIP Updates): Further Deterioration in Market Share and Fundamentals

ClouDr IPO: Strong Business Model with Multiple Revenue Channels

Meituan Aligns Itself with Common Prosperity Measures but What Will Happen to Profitability?

Meituan: Better-Than-Expected 4Q2021 but Risks Remain

Meituan Shuts Community Group Buying in Beijing – A Late Realisation That Profits Are Not Easy

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Meituan reported 1Q2022 results yesterday. Revenue grew 25.0% YoY to RMB46.3bn (vs consensus RMB45.3bn) while operating losses for the quarter slightly dropped to 12.1% of revenues from 12.9% in 1Q2021.</li>
<li>As a result of Omicron spread in March, revenue declined sequentially as all three segments reported QoQ decline in revenue during 1Q2022.</li>
<li>Meituan hasn’t reported GTV for food delivery as well as no. of domestic hotel room nights for In-Store, Hotel &amp; Travel which seems strange, suggesting 2Q numbers could be worse.</li>
</ul>


Meituan reported 1Q2022 results yesterday. Revenue grew 25.0% YoY to RMB46.3bn (vs consensus RMB45.3bn) while operating losses for the quarter slightly dropped to 12.1% of revenues from 12.9% in 1Q2021.
As a result of Omicron spread in March, revenue declined sequentially as all three segments reported QoQ decline in revenue during 1Q2022.
Meituan hasn’t reported GTV for food delivery as well as no. of domestic hotel room nights for In-Store, Hotel &amp; Travel which seems strange, suggesting 2Q numbers could be worse.


Meituan – Omicron Impact Was Not as Big in 1Q but 2Q Will Have the Full Impact