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2025-09-16 14:57:17 Goldman Sachs has released a report estimating competition in China's food delivery and instant retail industry to persist, with MEITUAN-W (03690.HK) striving to defend its market-leading position, while e-commerce platforms will continue to focus on improving unit economic efficiency from September to October. In Goldman Sachs' forecasts, the adjusted EBIT of MEITUAN-W/ BABA-W (09988.HK)/ JD-SW (09618.HK) will decrease by RMB27 billion/ RMB31 billion/ RMB13 billion in the September quarter. Specifically, MEITUAN-W may report a loss at the group level, while BABA-W and JD-SW's EBIT may sink by 53% and 97% YoY, respectively. In the long run, Goldman Sachs predicted the market share of MEITUAN-W, BABA-W, and JD-SW in the food delivery and instant retail market to eventually stabilize at a 5:4:1 ratio in a base case. Goldman Sachs recommended games, mobility, and cloud/ datacenters as its top three preferred sub-sectors for the Chinese internet sector. In the e-commerce field, the broker favored Pinduoduo and listed key stock picks in the Chinese internet sector by sub-sector preference: 1) Games: Tencent, NTES-S (09999.HK); 2) Mobility: Didi (DIDIY.US), Full Truck Alliance (YMM.US); 3) Cloud/ Datacenters: Alibaba, VNET (VNET.US), GDS (GDS.US); 4) E-commerce: Pinduoduo. Regarding the logistics sector, Goldman Sachs suggested investors buy sub-sector leaders such as SF HOLDING (06936.HK), JD LOGISTICS (02618.HK), and ZTO EXPRESS-W (02057.HK). ~ AAStocks Financial News Web Site: www.aastocks.com | |