Citi: Meituan's delivery brand Keeta performs strongly in Saudi Arabia and is expected to catch up with or surpass the local second place; maintains a buy rating

Zhitong
2025.05.13 00:59

Citi stated that Meituan's food delivery brand Keeta has successfully expanded to more cities in the past few months and continues to rank first in downloads in Saudi Arabia's app store, gaining a considerable market share in order volume. Analysts Alicia Yap and others mentioned in the report that Keeta's appeal may have impacted the performance of local competitors in Saudi Arabia. If Keeta can continue to gain strong consumer momentum, it may catch up to or even surpass the second-ranked Jahez later this year. Jahez's gross merchandise volume has significantly slowed down in the first quarter of this year. Meituan's management previously pointed out that Keeta is developing smoothly in Saudi Arabia, and the company expects to significantly increase its investment in overseas markets by 2025 to drive growth and enhance its share. The buy rating for Meituan is maintained, with a target price of HKD 204

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