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<Research>G Sachs:JD-SW (09618.HK) Food Delivery Order Growth Beats; Rating Buy Kept
Recommend 19 Positive 38 Negative 20 |
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Within less than two months of operation of its food delivery business, JD-SW (09618.HK)'s food delivery orders grew faster than expected, reaching one-sixth of the daily order volume of its peer MEITUAN-W (03690.HK), according to Goldman Sachs' research report. Goldman Sachs believed that the recent drop in JD-SW's share price and the narrower MEITUAN-W's valuation multiple have reflected investors' expectations that JD-SW may not be able to successfully enter the food delivery market. At the same time, investors forecasted increased fragmentation in China's food delivery market, and believed that JD-SW's risk-reward profile is attractive, with rating kept at Buy and Conviction List Buy. The broker also rated MEITUAN-W at Buy, believing that its valuation is on an uptrend, and that there will be room for significant upside in the target prices of both companies once the competitive landscape stabilizes. AAStocks Financial News |
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