China | Consumer Discretionary
Rating BUY (as at 31 May 2021)
Last Close HKD 265.20
Fair Value HKD 355.00

Strong core and solid execution while pursuing the next opportunity
• Strong results across all 3 business segments
• Headwinds from increase in rider benefits appear manageable, while prohibition of exclusive partnerships do not appear to have any significant impact on operations
• Meituan Select has broadly completed nationwide expansion; FV of HKD355 (from HKD328 previously)