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 (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><p><em>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.</em></p>

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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY.</li>
<li>The operating margin rose by 3.6 ppt YoY by cutting every cost in 1Q25.</li>
<li>We expect EPS will grow by 37% in 2025 and the stock has an upside of 48%.</li>
</ul>


In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY.
The operating margin rose by 3.6 ppt YoY by cutting every cost in 1Q25.
We expect EPS will grow by 37% in 2025 and the stock has an upside of 48%.


Meituan (3690 HK): 1Q25, Main Businesses Up by 20%

<ul>
<li>Total revenue grew by 22.6% YoY in 4Q23, three percentage points higher than we expected.</li>
<li>MT’s operating profit broke even for the fiscal year 2023.</li>
<li>We conclude an upside of 113% and a price target of HK$188. Buy.</li>
</ul>


Total revenue grew by 22.6% YoY in 4Q23, three percentage points higher than we expected.
MT’s operating profit broke even for the fiscal year 2023.
We conclude an upside of 113% and a price target of HK$188. Buy.


MT / Meituan (3690 HK): 2023 - Broke Even for First Year

<ul>
<li>In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.</li>
<li>We believe Douyin will not threaten MT in the long run according to other competitors’ failure.</li>
<li>We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.</li>
</ul>


In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.
We believe Douyin will not threaten MT in the long run according to other competitors’ failure.
We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.


MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Shareholders of <a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus NV (PRX NA)</a> and <a href="https://www.smartkarma.com/entities/naspers-ltd" target="_blank" data-smartkarma-citation="entities:21085:1" rel="noopener">Naspers (NPN SJ)</a> approved AGM agenda items late last week to enable the two Capitalisation Issues and Naspers' Share Consolidation to move forward.</li>
<li>What Will Happen: Prosus will issue new N shares to its shareholders and Naspers will reject them. Naspers will issue new shares to its shareholders, and Prosus will reject them.</li>
<li>Naspers will own ~42.9% of Prosus, Prosus will own 0.02% of Naspers. Sales of Tencent shares will continue. Share Buybacks too. But the ouroboros will have spit out its tail. </li>
</ul>


Shareholders of Prosus NV (PRX NA) and Naspers (NPN SJ) approved AGM agenda items late last week to enable the two Capitalisation Issues and Naspers' Share Consolidation to move forward.
What Will Happen: Prosus will issue new N shares to its shareholders and Naspers will reject them. Naspers will issue new shares to its shareholders, and Prosus will reject them.
Naspers will own ~42.9% of Prosus, Prosus will own 0.02% of Naspers. Sales of Tencent shares will continue. Share Buybacks too. But the ouroboros will have spit out its tail. 


Prosus/Naspers - The ουροβóρος Is Dead! Long Live The Ouroboros!

China

Meituan operates as a web based shopping platform for locally found consumer products and retail services. The Company offers deals of the day by selling vouchers on local services and entertainment, dining, delivery, and other services. Meituan provides its services throughout China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Meituan (3690 HK)

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): 1Q25, Main Businesses Up by 20%

In 1Q25, total revenue grew by 18% YoY, with main businesses up by 20% YoY. The operating margin rose by 3.6 ppt YoY. We expect EPS will grow by...

Ming Lu

MT / Meituan (3690 HK): 2023 - Broke Even for First Year

In 4Q23, the revenue growth rate was three percentage points higher than we expected. MT’s operating profit broke even for the first year. We...

Ming Lu

MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

In 4Q23, we believe total revenue will grow by 20% YoY and MT will book the fourth profitable quarter. We believe Douyin will not threat MT in the...

Ming Lu

Prosus/Naspers - The ουροβóρος Is Dead! Long Live The Ouroboros!

The Prosus/Naspers Ouroboros is Dead. Long live the Prosus/Naspers Ouroboros. Prosus is an Accretion Engine. Know it. Use it.

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)