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RTNominal up380.200 +5.000 (+1.333%)

12/11/2020 17:42

{I-bank focus}Goldman Sachs raises Meituan (03690) to HK$349

[ET Net News Agency, 12 November 2020] Goldman Sachs raised its target price for
Meituan (03690) to HK$349 from HK$256 and maintained its "buy" rating.
The research house expects online to account for nearly half of China's grocery sales by
2025, with the online grocery market size reaching Rmb7tn (US$1tn) by 2025 from less than
Rmb2tn in 2019 and the community group purchase and store-to-home models contributing to
Rmb1.3tn and Rmb0.7tn respectively.
Goldman now factored in Meituan's grocery expansion into its estimates on the back of
its comprehensive business models across city tiers, Meituan Selected, Meituan
Instashopping, and Meituan Grocery.
Meanwhile, Goldman continues to see clear visibility of its food delivery and in-store
businesses, harnessing the power of compounding from its leading position in China's local
services market. (KL)

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