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<Research>UBS: JD-SW Food Delivery Complements Existing On-demand Delivery Biz, Rather than Directly Competing with MEITUAN-W
Recommend 21 Positive 55 Negative 18 |
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UBS released a research report believing that JD-SW (09618.HK)'s attempt to enter the food delivery business is aimed at increasing user stickiness and boosting the frequency of user purchases, as well as diversifying its business. Moreover, JD-SW proposed to take over its on-demand delivery company Dada in January. UBS believed that the Group also aims to boost the SKU richness of its on-demand retail business to better meet user demand and enhance user experience. The broker saw this as complementary to its existing on-demand delivery business, rather than competing head to head with MEITUAN-W (03690.HK). Overall, UBS believed that JD-SW will remain highly focused on ROI in the investment, with minimal impact on earnings. The broker reiterated JD-SW as its top pick as the Company is a major beneficiary of the policy tailwind, with lower market expectation, upcoming 4Q24 results and further expansion of 3C electronics trade-in program serving as catalysts. AAStocks Financial News |
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