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

Meituan: New Regulation on Food Delivery Commission to Slowdown Growth and Delay Profits

Meituan Fined RMB3.44bn; Expect Short-Term Gains with Positive Shift in Sentiment

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 Capital Markets

<ul>
<li>Meituan’s 3Q2021 revenue grew 37.9% YoY to RMB48.8bn (vs consensus RMB49.6bn) while operating losses for the quarter increased to RMB10.1bn (vs RMB5.5bn). </li>
<li>The reported operating loss was the biggest ever quarterly losses for the company due to the antitrust fine. Even excl. the fine, Meituan’s operating losses were 13.8% of revenues. </li>
<li>Food delivery OPM dropped to 3.3% during the period while new initiatives &amp; others segment continued to post heavy losses during the quarter.</li>
</ul>


Meituan’s 3Q2021 revenue grew 37.9% YoY to RMB48.8bn (vs consensus RMB49.6bn) while operating losses for the quarter increased to RMB10.1bn (vs RMB5.5bn). 
The reported operating loss was the biggest ever quarterly losses for the company due to the antitrust fine. Even excl. the fine, Meituan’s operating losses were 13.8% of revenues. 
Food delivery OPM dropped to 3.3% during the period while new initiatives &amp; others segment continued to post heavy losses during the quarter.


Meituan Posts Biggest Ever Operating Losses Due to Antitrust Fine