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03690 MEITUAN-W
RTNominal up96.800 +5.700 (+6.257%)
Research Report

27/01/2021 16:22

{I-bank focus}Daiwa lifts Meituan (03690) to HK$500; "buy"

[ET Net News Agency, 27 January 2021] Daiwa Research lifted its target price for
Meituan (03690) to HK$500 from HK$370 and reiterated its "buy" rating.
The research house noted faster-than-expected order volume growth over the past two
months. Daiwa now values Youxuan separately to reflect its market share gain in an
expanding TAM (total addressable market). It also expects the in-store, hotel and travel
segments to see a meaningful rerating in 2021 as domestic travel and local services
revenue likely recover faster than street expectations.
Daiwa expects food delivery revenue to grow by 34% in 4Q, driven by a 32% increase in
orders and a 4.5% increase in average spending per order, due to a higher proportion of
branded restaurants.
In 2021, it expects food delivery revenue to benefit from the low base in 2020 and grow
by 56%. Daiwa lowered its 2021-22 adjusted earnings by 56-98% to reflect higher investment
spending. (KL)

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