Sinolink: Takeout delivery has vast overseas expansion opportunities. It is recommended to pay attention to MEITUAN-W (03690).

Sinolink released a research report stating that the Middle East and Brazil markets have population dividends and room for penetration rate improvement. It is expected that the profit space in the takeaway market in these two areas could reach over 10 billion yuan. Currently, Keeta has achieved rapid expansion through high subsidies, low commission strategies, and technological advantages. Its successful experience in Hong Kong is expected to be replicated in other overseas markets. Keeta is expected to further enter the Brazilian market outside the Middle East this year, and the profit margin is expected to reach a high level after the overseas takeaway platform model runs smoothly. It is recommended to pay attention to MEITUAN-W (03690). Sinolink's main points are as follows: 1. The Middle East + Brazil have population dividends, and the takeaway market size continues to grow The penetration rate and ARPU improvement drive the steady growth of the takeaway market in the Middle East and Brazil. According to Statista, 1) User base and user penetration rate: By 2024, the number of users in the Saudi takeaway market is expected to reach 21.2 million, a year-on-year increase of 15.2%. By 2024, the user penetration rate in the Saudi takeaway market will reach 62.4% (from 53.5% in 2023), and the ARPU is expected to increase by 4.3% to $507.54. Although the total population of the Gulf Cooperation Council (GCC) reached 59.86 million by 2024, the number of users in the takeaway market in GCC countries is 30.9 million, with the Saudi market accounting for 68.6%. There are still broad opportunities for incremental growth in the takeaway market in GCC countries. By 2024, the number o...