Hua Er Jie Jian Wen·2025-09-16 11:09Group 1 - Meituan is expanding its Keeta service into Kuwait, marking its third entry into the Middle East after Saudi Arabia and Qatar [1][3] - Keeta has quickly become the top downloaded food delivery app in Kuwait's Apple iOS and Google Play stores, maintaining its leading position in Saudi Arabia and Qatar [1][3] - Citigroup analysts expect Keeta to rapidly grow into one of the top two to three players in the Kuwaiti market within a few months due to its established operational model and aggressive subsidy strategies [1][4] Group 2 - The Kuwaiti food delivery market is currently dominated by players such as Talabat, Deliveroo, Jahez, and Cari, indicating a competitive landscape [3][4] - Meituan's choice to enter Kuwait is driven by the country's high GDP per capita, high food delivery penetration, and consumer demand for quality services [3][4] - Keeta's service model in Kuwait includes attractive subsidies, such as coupons worth up to 10 Kuwaiti Dinars (approximately 30 USD), free delivery, and a "timely delivery" promise [3][4] Group 3 - Citigroup predicts that Keeta may enter the UAE market by the end of this year and could expand into Latin America, potentially piloting in one or two cities in Brazil [4] - Despite the rapid expansion, Citigroup maintains a "neutral/high risk" rating for Meituan, reflecting concerns over the competitive environment [5] - The report indicates significant potential value for Meituan, with a target price of 133.00 HKD, representing a potential upside of 36.6% from the current stock price of 97.35 HKD [5] Group 4 - The valuation breakdown includes: - Food delivery and flash purchase business valued at 399 billion HKD with a 1.8x sales multiple - In-store, hotel, and tourism business valued at 259 billion HKD with a 12x adjusted net profit multiple - New businesses (excluding community group buying) valued at 239 billion HKD with a 0.5x sales multiple - Community group buying retail (including Meituan Preferred) valued at 378 billion HKD with a 0.5x sales multiple [6]