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03690 MEITUAN-W
RTNominal unchange108.600 0.000 (0.000%)
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20/11/2020 15:58

{I-bank focus}BOCOM raises Meituan (03690) to HK$325; "buy"

[ET Net News Agency, 20 November 2020] BOCOM Research raised its target price for
Meituan (03690) to HK$325 from HK$272 and maintained its "buy" rating.
Meituan will release 3Q results on 30 November. The research house expects revenue to be
RMB34.7bn, up 26%/40% YoY/QoQ. It estimated GPM to be 31.5% and adjusted EPS to be
RMB0.08.
BOCOM expects food delivery orders/GMV (gross merchandise value) to increase by 30%/36%
YoY, implying 35m daily orders, RMB151.9bn GMV and RMB47.2 AOV (average order value), with
a take rate of 13.3%, flattish QoQ. Profit per order is estimated at RMB0.11.
Given the potential of In-store business and New Initiatives, BOCOM lifted its revenue
forecast for 2021/22 by 5%/12% and expects the revenue/profit CAGR in 2020-22 to be
36%/119%. (KL)

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