Meituan (3690.HK)_ 4Q24E Preview_ Expect In-line Q; 1Q25E Outlook Key On Sentiment

CITI'S TAKE We expect Meituan to report 4Q24 by end-Mar and expect in-line result with possible slight upside on core-local commerce Op. Into 1Q25/2025E, investors are concerned about on-demand delivery volume growth, unit- economics trend amid high-base, potential revival of competition in local services and margins drag from its accelerated pace of overseas expansion initiatives. Keeta has progressed rapidly in topping download chart in Saudi Arabia, which we believe could prompt Keeta to expand into othe ...