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摩根士丹利:东盟互联网
摩根· 2025-07-19 14:02
Investment Rating - The report indicates a positive outlook for the ASEAN digital economy, particularly in e-commerce and on-demand services, with expected growth rates of 15% to 20% in the coming years [2]. Core Insights - The ASEAN e-commerce market is highly concentrated, with Shopee, Lazada, and TikTok dominating nearly 90% of the market share, with Shopee leading in Southeast Asia [1][4]. - Indonesia is the largest e-commerce market in Southeast Asia, with a GMV of approximately $160 billion, and is expected to see renewed growth driven by live commerce and video shopping [5]. - The on-demand services market, including food delivery, is projected to accelerate growth in 2024, with significant potential in Vietnam and Indonesia [7]. - The rapid commerce market is expected to grow at a compound annual growth rate of 20-30% in the coming years, driven by partnerships with traditional retailers [8]. Summary by Sections E-commerce Market Overview - The ASEAN digital economy encompasses e-commerce, tourism, food delivery, and online media, with a total market size of approximately $260 billion [2]. - E-commerce is the largest vertical, valued at around $160 billion, followed by tourism and online media [2]. - Shopee maintains over 50% market share in Southeast Asia, while TikTok Shop is rapidly growing as a strong second player [4]. Indonesia E-commerce Development - Indonesia's e-commerce market is experiencing a resurgence, with a GMV of about $160 billion and a penetration rate that has room for growth compared to China and South Korea [5]. Brazil E-commerce Growth - Brazil's e-commerce market is projected to grow at a rate of 17% in 2024, with a GMV of approximately $64 billion, and Shopee's market share has significantly increased since its entry [6]. On-demand Services Market - The on-demand services market, primarily food delivery, is valued at around $27 billion and has seen a compound annual growth rate of 18% over the past five years [7]. - Grab leads the food delivery market with a share exceeding 50%, while the market remains concentrated with the top players holding 80% to 90% of the total market share [9]. Digital Financial Services - The digital financial services sector is rapidly expanding, with digital loans expected to grow from $70 billion to approximately $300 billion by 2030 [13]. - C Limited has emerged as the largest consumer loan company in the region, with a loan scale exceeding $6 billion [13]. Grab's Business Performance - Grab holds a leading position in the food delivery market with a market share of approximately 50% to 60% and is expected to see stable revenue growth in the coming years [20]. - The company is focusing on expanding into second and third-tier cities to increase usage scenarios and improve operational efficiency through AI [20]. Goto's Business Overview - Goto is a leading player in Indonesia's digital ecosystem, with approximately 70% of its revenue coming from on-demand services, particularly food delivery [21]. - The company is expected to achieve significantly higher positive EBITDA this year while focusing on financial technology and advertising to strengthen its market position [22].
大和升蜜雪集团目标价至608港元 评级跑赢大市
news flash· 2025-05-28 03:41
大和升蜜雪集团目标价至608港元 评级跑赢大市 金十数据5月28日讯,大和发表研究报告指,昨日内地茶饮行业股强劲反弹,主要是由于美团 (03690.HK)在其财报电话会议上表示会不惜一切代价扞卫其市场份额,引发食品外卖平台之间的持续价 格战。该行重申蜜雪集团(02097.HK)跑赢大市评级,将目标价由539港元上调至608港元,以反映对最新 外卖平台竞争令同店销售增长预测较高,以及全初至今开店速度较快,每股盈利预测上调5-6%。 ...