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03690 MEITUAN-W
RTNominal down95.300 -2.450 (-2.506%)
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06/07/2020 10:57

{I-bank focus}BOCOM ups Meituan Dianping (03690) to HK$201.4

[ET Net News Agency, 6 July 2020] BOCOM Research raised its target price for Meituan
Dianping (03690) to HK$201.4 from HK$152.6 and maintained its "buy" rating.
The research house expects the food delivery industry size to reach RMB794bn in 2020, up
22%, with 485m users/52% penetration. With improving monetization, BOCOM expects food
delivery revenue to grow 20%/42% in 2020/21.
Meituan increased commission subsidy to merchants after the epidemic, BOCOM expects the
commission rate to drop 1ppt in 2020, while better ASP and marketing monetization drive
revenue. It estimated 2020 earnings per order at RMB0.4, up RMB0.2. (KL)

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