Live Updates > Live Update Details
2025-09-16 18:31:54
Meituan's Strong Overseas Expansion: Target Price Maintained at HK$133. (1) Citi released a report on Tuesday stating that Meituan's international food delivery brand, Keeta, officially entered the Kuwaiti market on September 15th. This demonstrates that despite intensifying competition in the domestic market, Meituan's overseas expansion continues unabated. Keeta has already entered Saudi Arabia, Qatar, and Kuwait. In Saudi Arabia, it expanded to over 20 cities within months of its launch, becoming a leading food delivery platform there. (2) Data shows that Keeta topped the local iOS and Google Play food download charts on its first day of launch in Kuwait. It also consistently ranked first in the same category in Qatar and Saudi Arabia, maintaining its top download ranking in Saudi Arabia nearly a year after its launch, demonstrating significant user stickiness. Keeta utilizes localized operations, including hiring local drivers and establishing Islamic compliance standards, combined with an intelligent dispatching system to ensure delivery within 25 minutes and provide overdue compensation, enhancing the user experience. (3) Looking ahead, Keeta plans to enter the UAE by the end of the year and conduct pilot programs in one or two cities in Brazil in the coming months. Meituan has identified the Middle East and Latin America as its expansion priorities, and plans to invest US$1 billion in Brazil over the next five years, covering 15 major metropolitan areas and 1,000 cities. Citi maintains a "neutral" rating and a target price of HK$133 on Meituan.
