[ET Net News Agency, 16 December 2020] Credit Suisse raised its target price for
Meituan (03690) to HK$400 from HK$340 and maintained its "outperform" rating.
The research house said e-grocery penetration has reached an inflection point and its
online penetration is expected to reach 33% in 2025E from 10% in 2019. Community group
purchase would be a key battle field in this process, with a market size of Rmb1.5 tn
expected in 2025E.
It expects Meituan to capture this structural growth in e-grocery due to its (1)
complete product offering including Meituan Grocery, Meituan Instashopping, and Meituan
Select capturing different tiers and sub-segments of the market; and (2) strategic
advantages vs peers given its experience in managing sizeable offline business at a
localised level, strength in its local BD team, connection with local franchisees managing
its delivery riders, and experience in dealing with B2B fresh food delivery to restaurant.
(RC)
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03690 MEITUAN-W
Nominal 
95.300 -2.450 (-2.506%) Research Report
18/12/2020 17:44
{I-bank focus}Credit Suisse lifts Meituan (03690) to HK$400
| Remark: | Real time quote last updated: 19/04/2024 16:15 |
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