Market Insight | Meituan-W rises more than 3% as online food delivery achieves high penetration rate, its subsidiary Keeta expands in the Middle East region
Meituan-W rose more than 3%, as of the time of publication, it rose by 3.7% to HKD 187.9, with a turnover of HKD 25.05 billion. On the news front, Goldman Sachs released a research report stating that the main focus of investors currently is on: Meituan's Keeta expansion in the Middle East, the growth of Meituan's food delivery orders/average order value prospects, store competition, Meituan InstaMart expansion, etc., with food delivery, store, and other businesses maintaining strong and stable performance. On October 9th, Meituan Keeta was launched in Riyadh, the capital of Saudi Arabia, offering a 50% discount on the first order. CICC International Securities indicated a reasonable increase in Meituan's target price to HKD 228, maintaining a "buy" rating. The bank believes that Meituan's current price corresponds to a 2024/25 P/E ratio of 25 times/20 times, leading the industry, and occupying a leading position in the immediate retail and delivery industry in mainland China, with a high online penetration rate for food delivery
According to the Wise Finance APP, Meituan-W (03690) rose by more than 3%, reaching a 3.7% increase as of the time of publication, closing at HKD 187.9 with a turnover of HKD 2.505 billion.
On the news front, Goldman Sachs released a research report stating that investors' main focus is on: Keeta, a subsidiary of Meituan, expanding in the Middle East, the growth of Meituan's food delivery orders/ prospects for average order value, store competition, expansion of Meituan InstaMart, among others. The food delivery, store, and other businesses remain strong and stable. On October 9th, Meituan Keeta was launched in Riyadh, the capital of Saudi Arabia, offering a 50% discount on the first order.
CICC raised Meituan's target price to HKD 228, maintaining a "buy" rating. The bank believes that Meituan's current price corresponds to a 2024/25 P/E ratio of 25 times/20 times, leading the industry, and occupying a leading position in the immediate retail and delivery industry in mainland China, with a high online penetration rate for food delivery