External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.</li><li>The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.</li><li>Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn, down 89% YoY, and was 85% lower than Bloomberg consensus estimates due to strategic investment to maintain market share in the food delivery (FD) business.The RMB3.7bn OP for the core local commerce (CLC) segment was 69% lower than consensus, while RMB1.9bn operating loss of new initiatives was better than consensus at RMB2.4bn loss.Meituan is seeking efficient ways to respond to intense competition in the FD business, such as leveraging Shenqiangshou and Pinhaofan model to address consumer’s value for money demand, and it targets to maintain market share in core categories which has a decent average order value (AOV) such as main meal to retain customers and orders that could maintain sufficient demand even after subsidies are reduced in the future. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - Seeking Efficient Ways to Respond to Intense Competition

<ul><li>Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate, while adj. NP reached RMB10.9bn, up 46% YoY, and was 12/13% higher than our forecast/consensus estimates.</li><li>The RMB13.5bn OP for the core local commerce (CLC) segment was 10% better than consensus, mainly attributable to the beat in OP of food delivery (FD) business aided by optimization in user subsidy, in our view.</li><li>Since competition is gearing up for the food delivery business, and industry players are deploying more resources to accelerate the development of instant retail business, Meituan is proactively responding and trading off short-term profitability to enhance user stickiness, to ride on the tide of accelerated industry penetration. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate, while adj. NP reached RMB10.9bn, up 46% YoY, and was 12/13% higher than our forecast/consensus estimates.The RMB13.5bn OP for the core local commerce (CLC) segment was 10% better than consensus, mainly attributable to the beat in OP of food delivery (FD) business aided by optimization in user subsidy, in our view.Since competition is gearing up for the food delivery business, and industry players are deploying more resources to accelerate the development of instant retail business, Meituan is proactively responding and trading off short-term profitability to enhance user stickiness, to ride on the tide of accelerated industry penetration. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - Proactively Responding to Competition in Food Delivery Market

<ul><li>Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.</li><li>Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.</li><li>Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.Adjusted net profit during 2Q24 reached RMB13.6bn, 20%/32% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy optimization for food delivery (FD) business and more benign-than-expected competition for in-store business, and narrower-than-expected loss generated from new business, aided by better-than-expected operating efficiency improvement.Although facing macro headwinds, leveraging the loyal and sticky core user base, Meituan is able to drive more cross-sell opportunities for Instashopping and in-store business, and is able to continuously optimize subsidies to improve profitability, which in our view has enhanced full-year earnings growth outlook. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.</li><li>Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.However, a warning sign of a potential correction has emerged as the index has entered the overbought area according to the stochastic.Investors are recommended to wait to take profit at the resistance and then buy back when the index retreats.

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.</li><li>In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.</li><li>We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at 1,360/1,355 points.In the short term, the index is in an uptrend, having posted higher highs and higher lows for eight consecutive days.We recommend stocks with positive factors: BJC, TLI (added to the MSCI Small Cap Index, effective this Friday), and SCB.

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

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Meituan (3690 HK)

Meituan (3690 HK) - Seeking Efficient Ways to Respond to Intense Competition

Meituan reported (27 Aug) its 2Q25 results: revenue was RMB91.8bn, up 11.7% YoY, 2% shy of Bloomberg consensus, while adj. NP reached RMB1.5bn,...

CMB International

Meituan (3690 HK) - Proactively Responding to Competition in Food Delivery Market

Meituan reported (26 May) its 1Q25 results: revenue was RMB86.6bn, up 18% YoY, 1% higher than both our forecast and Bloomberg consensus estimate,...

CMB International

Meituan (3690 HK) - An Upbeat 2Q with Enhanced Full-Year Earnings Outlook

Meituan reported (28 Aug) its 2Q24 results: revenue was RMB82.3bn, up 21.0% YoY, 2% higher than both our estimate and Bloomberg consensus estimate.

CMB International

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

Earnings of Nvidia

Technically, the SET Index is expected to move sideways up, with the resistance at 1,372 points (200-day EMA)/1,380 points and the support at...

Krungthai XSpring

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