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<Research>CICC Keeps Outperform Rating for MEITUAN-W, Expects Keeta to Promote Refined Operations in Brazil
Recommend 24 Positive 41 Negative 16 |
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Last year, DiDi Global (DIDIY.US)'s 99Food and MEITUAN-W (03690.HK)'s Keeta entered the Brazilian food delivery market successively, breaking the monopoly of local company iFood and attracting market attention, CICC published a research report saying. It is expected that the two brands will adopt differentiated competition strategies, with the price war likely to boost the penetration rate of food delivery in Brazil. CICC's current estimation suggests that the Brazilian food delivery market size could grow from US$18.7 billion in 2024 to US$33.3 billion in 2028, with the penetration rate increasing from 18.7% to 28.5%. 99Food relies on the synergy of transportation capacity, low commissions & subsidies and rapid merchant binding to achieve penetration, while Keeta leverages its refined operational capabilities, replicating its operational experience from mainland China, Hong Kong and the Middle East markets, CICC added. Therefore, CICC kept ratings at Outperform for both DiDi Global and MEITUAN-W, with target prices of US$6 and $125, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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