On September 20th, MeiTuan Review-W (03690) was listed on the first day, opening 5.65%, to HK$72.9, and the latest market value reached HK$403.0 million.
According to Phillips trading data, MeiTuan commented that it closed at HK$71.5, which was up by HK$2.50 compared with the offer price of HK$69.00. It was up 3.6% from the IPO price, and 100 shares per lot, regardless of handling fee, earning HK$250 per lot.
MeiTuan commented that the placement price range of the placement was 60-72 Hong Kong dollars, and the final price was 69 Hong Kong dollars, each handing 6900 Hong Kong dollars. Among them, the number of public offerings is 17105, the rate of one-handed signing is 100%, and the over-purchase multiple is 1.5 times.
Earlier, the Hong Kong Stock Exchange announced that it will launch the MeiTuan Review Futures and Options HKEx options configuration on September 20 and include the MeiTuan Review in the list of approved short selling designated securities. International index company FTSE Russell said recently that MeiTuan will follow the fast-inclusion mechanism after the market closes on the first day of listing, and include MeiTuan's review in its FTSE Global Equity Index Series FTSE China 50 Index, September 27 (next Thursday) Effective after the market closes.
As the world's leading provider of food and beverage delivery services, MeiTuan's take-out volume in the first half of 2018 ranked first in China's take-away market, accounting for 59% of the market share, and the average day of about 2,500 cities and counties in China in the fourth quarter of 2017. The number of transactions was 14.7 million. In 2017, the annual transaction amount of MeiTuan's food and beverage delivery service was RMB 171 billion. The market share of the restaurant business in the past three years and the first quarter of 2018 also ranked first, the hotel business is only slightly lower than the Ctrip ranking market.
In terms of financial data, from 2015 to 2017, MeiTuan's operating income was 4 billion yuan, 13 billion yuan and 33.9 billion yuan, up 223.2% and 161.2% year-on-year. Among them, food and beverage take-outs dominated, accounting for about 60% of the company's annual revenue. Especially from 2015 to 2017, MeiTuan's food and beverage sales revenue grew rapidly, reaching 1.8 billion, 5.3 billion and 21 billion yuan respectively. In the same period, the operating income of stores and liquor companies reached 3.8 billion, 7.1 billion and 10.9 billion respectively. In addition, from 2015 to 2017, the company's losses were 8.474 billion yuan, 6.255 billion yuan, 3.826 billion yuan, and the loss for the first four months of this year was 2.526 billion yuan.
According to the report published by Wei Zhida, it is believed that with the expansion of high-margin service market promotion, grocery store and non-food placement business, the monetization process of the company's business can be enhanced, and investors are advised to subscribe. According to the bank, the net profit margin of MeiTuan's review has improved from -147.2% in 2015 to -8.4% in 2017, and its valuation per share is equivalent to 2.3 to 2.7 times of sales revenue in 2020, compared with peer valuation of 2.9. Up to 9.4 times (including Alibaba, Ctrip and more), the valuation of MeiTuan is considered attractive.
Driven by the expansion of e-commerce services and the increase in market share, DBS Wei-Guo initially predicted that the company's revenue growth rate will reach 55.4% from 2017 to 2020, and its revenue forecast for 2020 will reach 127.23 billion yuan.
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