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Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on robust, consistent, and predictable cash flows for accurate valuation [1] Group 1: Investment Philosophy - The investment approach combines fundamental analysis with macroeconomic factors, allowing for a disciplined framework that adapts to various market cycles [1] - The focus is on sectors and asset classes that present value and alpha opportunities, indicating a broad investment strategy [1] - Attention to macroeconomic developments is crucial as they can influence market cycles and valuation adjustments [1] Group 2: Engagement and Community - The motivation to write on Seeking Alpha is to share insights and engage in discussions with the investment community, aiming to provide actionable ideas [1] - The content is intended for both novice and seasoned investors, fostering a collaborative environment for exchanging important insights [1]

Core Insights - DoorDash, Inc. (NASDAQ:DASH) is recognized as one of the best revenue growth stocks to invest in, with a recent price target increase from Morgan Stanley from $300 to $330, maintaining a Buy rating [1] - Jefferies also raised its price target for DoorDash from $265 to $280, while keeping a Hold rating, emphasizing the importance of focusing on 2026 growth and AI disintermediation [2] - DoorDash operates as a local commerce platform, connecting merchants, consumers, and independent contractors across more than 30 countries through its DoorDash Marketplace and Wolt Marketplace [3]

Core Viewpoint - The article discusses the shift in the food delivery industry towards eliminating penalties for late orders, highlighting the safety concerns associated with the previous penalty system and the adoption of new evaluation mechanisms by major platforms like Meituan and Ele.me [1] Group 1: Industry Changes - Meituan initiated a pilot program to eliminate penalties for late deliveries in December 2024, which was followed by the introduction of the "Anzhun Card" system in March 2025, replacing the penalty system with a scoring mechanism [1] - By July 2025, the new assessment mechanism was tested in major cities including Changsha, Wuhan, and Hangzhou, with plans for broader implementation [1] - As of August 2025, Meituan announced plans to fully eliminate late delivery penalties by the end of the year, with the "Anzhun Card" already operational in over 100 cities nationwide [1] Group 2: Competitor Responses - Other platforms have begun to follow Meituan's lead, with Ele.me announcing in September 2025 the gradual elimination of late delivery penalties and the introduction of a new "service score" system [1] - JD.com also announced a pilot program to eliminate late delivery penalties in 25 cities, including Changsha, adopting a "service score" management approach [1]

Summary of Meituan (3690.HK) 3Q25E Preview and Business Updates Company Overview - **Company**: Meituan (3690.HK) - **Industry**: Food delivery and on-demand services Key Financial Estimates - **3Q25 Revenue Forecast**: Rmb97.25 billion, representing a 3.9% year-over-year increase [3][56] - **Adjusted Net Profit (NP)**: Forecasted at -Rmb16.3 billion, compared to Bloomberg consensus of -Rmb12.3 billion [3][56] - **Core Loss Adjustments**: - CLC (Core Local Commerce) loss revised to Rmb15 billion from Rmb9.7 billion [2][57] - Food delivery loss revised to Rmb19.2 billion from Rmb14.1 billion [2][57] - On-demand delivery operational loss forecasted at Rmb20 billion [57] - **4Q25 Revenue Outlook**: Expected to be Rmb92.4 billion, a 4.4% year-over-year increase [4] - **Target Price Adjustment**: Revised to HK$117 from HK$133, maintaining a Neutral/High Risk rating [7] Business Performance Insights - **Operational Losses**: - Total operational loss for 3Q25 is forecasted at Rmb17.3 billion [1][57] - Losses from new initiatives expected to be Rmb2.37 billion [1][57] - **Market Competition**: Intense competition in food delivery is leading to high operational losses, with expectations of continued high losses into 4Q25 [1][58] Business Updates and Initiatives - **Keeta Expansion**: - Keeta is set to launch operations in Brazil on October 30, with plans to expand into 15 metro regions by June 2026 [30][31] - Keeta has recently entered the UAE market, marking its third Middle Eastern food delivery market [27][28] - **New Product Launches**: - Launch of brand flagship InstaMart for 30-minute delivery of brand products in tier-1 cities [20][21] - Expansion of Happy Monkey supermarkets, with the first store opening in Beijing on October 24 [49] - **AI Product Development**: - Introduction of LongCat AI products aimed at enhancing operational efficiency and customer engagement [50][51][52] User Engagement and Traffic - **User Metrics**: - Monthly Active Users (MAU) for Meituan reached 524 million in August 2025, a 9% year-over-year increase [38] - Daily Active Users (DAU) also saw growth, reaching 185.2 million [38] - **Meituan Waimai Performance**: - MAU for Meituan Waimai was 61.4 million, down 7% year-over-year, while Eleme's MAU was 104.7 million, up 11% year-over-year [40][41] Consumer Trends - **Holiday Consumption Trends**: - Significant increase in consumer spending during the National Day and Mid-Autumn Festival, with cross-city orders up 47% year-over-year [48] - Notable growth in sales of mobile phones, digital products, and gifting items during the holiday period [48] Conclusion - Meituan is navigating a challenging competitive landscape with significant operational losses expected in the near term. However, the company is actively expanding its service offerings and geographic reach, particularly through Keeta's international expansion and new product launches. User engagement metrics indicate a solid user base, although competition remains fierce in the food delivery sector.

Core Insights - Foodhub, a company established in 2017, has over 1,000 employees and more than 1 million users, collaborating with over 30,000 restaurants, takeaways, and venues across Ireland, the UK, the US, Australia, and New Zealand [3] - The company processes over 65 million orders annually through its app and website, utilizing a unique business model that charges restaurants a fixed weekly fee instead of taking a percentage of order amounts, which has been well-received by independent restaurant owners [3] - The CEO of Foodhub, Ardian Mula, highlighted Dublin's strategic position as a gateway to the European market, citing the abundance of tech talent and a thriving restaurant industry as key factors for their expansion [3] - The Irish Minister for Enterprise and Employment praised the arrival of innovative companies like Foodhub, stating it enhances the competitiveness of the local restaurant industry [3] - The CEO of IDA Ireland views Foodhub's establishment as a strong endorsement of Ireland's reputation as an international business and innovation hub, indicating increased competition in the European food delivery market [3]

Core Points - The company "Ele.me" is responding to inquiries about the cancellation of penalty fees for late deliveries, indicating that it is testing a new service score system to replace the existing penalty fee structure [1] - The new service score system aims to promote a performance-based reward system, encouraging more effort and better service quality among delivery personnel [1] - The pilot program for the new service score system is currently being implemented in cities such as Nantong, Changzhou, Jieyang, and Jingdezhen, with plans to expand to more cities by October [1]

Core Insights - Criteo S.A. and DoorDash, Inc. have announced a multi-year partnership to enhance advertising opportunities in DoorDash's marketplace, focusing on grocery, convenience, and non-restaurant retail sectors [1][2] - The partnership aims to leverage the growth of retail media, providing brands with new ways to reach consumers closer to the point of purchase [2] Partnership Details - Criteo will function as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to scale media placements on DoorDash's platform [2] - The companies plan to explore deeper integration of their advertising technologies over time [2] Advertising Opportunities - Advertisers using Criteo will have access to various DoorDash ad formats, including on-site video, display banners, Sponsored Product, and Sponsored Brands, as well as off-site channels like display, video, search, and social [3] - The partnership is expected to help advertisers reach consumers more effectively, drive measurable sales, and influence incremental trips [5] Strategic Statements - Stephen Howard-Sarin from Criteo emphasized the importance of delivery in the consumer journey and noted that DoorDash has become a key destination for convenience, grocery, and alcohol brands [4] - John Roswech from DoorDash highlighted the goal of building an ad platform that supports business growth on DoorDash and beyond, citing Criteo's strong relationships in the grocery and retail sectors as a reason for the partnership [6] Market Reaction - Following the announcement, CRTO shares increased by 2.78% to $22.15, while DASH shares rose by 0.53% to $272.67 in premarket trading [6]

Group 1 - DoorDash is expanding its grocery delivery partnership with Kroger, making Kroger the largest grocer available on the DoorDash app [1][2] - The original partnership began in 2022, initially offering limited items such as sushi and flowers from select Kroger stores [2][3] - Starting October 1, DoorDash will provide delivery of Kroger's full grocery assortment from all 2,700 US stores [2][3] Group 2 - DoorDash launched grocery delivery in 2020 with several partners, including Fresh Thyme and Meijer, and previously partnered with Walmart until 2022 [3] - Kroger operates stores in 35 states and the District of Columbia under various brands, including Ralphs, Smith's, and Harris Teeter [3][4] - DoorDash serves as a commerce platform connecting merchants, consumers, and independent contractors both in the US and internationally [4]

Core Viewpoint - BTIG downgraded Instacart from Buy to Neutral due to increasing competitive pressures from larger rivals in the grocery delivery sector [1] Group 1: Competitive Landscape - Amazon has expanded its perishable grocery delivery service to 1,000 cities, intensifying competition for Instacart [1] - Instacart's retail partners have formed new deals with Amazon, DoorDash, and Uber, further increasing competitive challenges [1] - More than 25% of Instacart's gross order volume has shifted to competitors recently, indicating a significant loss of market share [1] Group 2: Financial Outlook - BTIG had previously adjusted its price target for Instacart, but recent competitive developments have raised concerns about the sustainability of its growth [2] - Analysts find it increasingly difficult to justify a double-digit EBITDA multiple for Instacart given the negative outlook [2]