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<Research>UBS: MEITUAN-W Gains Mkt Shr in Quick Commerce in Mar; Industry Entering Normalization Phase
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UBS has published a monthly tracking report on China's quick commerce sector. This report used QuestMobile app traffic statistics to identify industry growth trends, competitive dynamics, as well as rider and merchant activity and overlap. Based on the latest data as of April 12 and channel checks, the combined food delivery orders of the three major platforms, MEITUAN-W (03690.HK), BABA-W (09988.HK)'s Taobao, and JD-SW (09618.HK), averaged 122 million per day in March, compared with the 116 million orders recorded in January and February this year and the 122 million orders in December last year. This growth reflected the recovery of merchant activity after the Spring Festival, while industry subsidies may continue to ease under higher subsidy thresholds. In UBS' estimation, the average daily food delivery orders of Meituan, Taobao, and JD were around 62 million, 52 million, and 8 million, corresponding to market shares of 53%, 41%, and 6%, respectively (February: 52%, 41%, and 7%). As more than 60% of Meituan's orders exceed RMB30, the broker believes its growth in gross transaction value (GTV) share could be even larger. In terms of stock preference for this sector, UBS favors Alibaba (BABA.US) > JD > Meituan. Overall, the broker believes the sector is entering a normalization phase with continued improvement in profitability. As platforms focus on quality, business sustainability, and cross-selling opportunities, Meituan may stand out among its peers. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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