![]() Mgmt stated that competition was more moderate in the epidemic, thus hotel OPM would perform better than FY19. In-store, hotel and travel segment would still decline YoY in 2Q20E, in which hotel to see slower recovery with both decreasing room nights and ADR. We expect food delivery GTV to achieve positive YoY growth from 2Q20E, and benefit from COVID-19, in terms of user adoption and merchant expansion. Supply side had recovered to 100% of pre-epidemic level, with higher mix of brand merchants. AOV +14.4% YoY in 1Q20, a positive signal for users’ rising demand. our estimate of -7% YoY), orders -17% YoY, with take rate at 13.3% (vs. Faster recovery with better outlook. Despite short-term challenges from epidemic, MD performed more resilient than market expectation and peers. Food delivery GTV -5% YoY (vs. ![]() OPM of food delivery/ in-store, hotel and travel/ new initiatives came in at -1%/+22%/-33% in 1Q20, better than our estimate of -3%/+20%/-40%.We are impressed by this eye-catching results with upbeat margin and better-than-feared growth of all segments. By segment, revenue of food delivery/ in-store, hotel and travel/ new initiatives -11%/-31%/+5% YoY (vs. net loss reached –RMB216mn, largely better than consensus of -RMB1.1bn, mainly on lower S&M and narrowing loss of initiatives.
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