Ge Long Hui A P P·2026-02-25 04:14Core Viewpoint - The entry of Didi's 99Food and Meituan's Keeta into the Brazilian food delivery market is disrupting the dominance of local player iFood, leading to increased market competition and a projected rise in market penetration rates [1] Market Overview - The Brazilian food delivery market is expected to grow from $18.7 billion in 2024 to $33.3 billion by 2028, with penetration rates increasing from 18.7% to 28.5% [1] Competitive Strategies - 99Food leverages transportation synergy, low commissions, and rapid merchant onboarding to penetrate the market, while Keeta utilizes refined operational capabilities, replicating its operational experience from China, Hong Kong, and the Middle East [1] Profitability Outlook - The sustainable profitability of these platforms remains to be observed, but there is optimism that Chinese internet companies can capture significant market share through refined operational experience [1] Analyst Rating - The company maintains a "beat the industry" rating for Meituan, with a target price set at HKD 125 [1]