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1、GREATERCHINAChinaInternetBIDUUSvsS&P500,&rechistoryMoreconsolidationtocomeinO2OConclusionAlibabaplanstobuytherestofEle.mesharesthatitdoesnotownfromBaiduandotherbackers,accordingtoBloombergand36Kr.com.Ele.meisvaluedatUS$9.5bn.Shouldthetransactiongothrough,i
2、twouldmakeAlibabaoneofthetwolargestfooddeliveryplayersinChina,competingdirectlywithNote:Recommendationtimeline-ifnotacontinuousline,thentherewasnoMacquariecoverageatthetimeortherewasanembargoperiod.Meituan-Dianping.Baiduwillexitthefood-deliverybusinesswitha
3、one-offSource:FactSet,MacquarieResearch,February2018gainonits5%stakeinEleme.(allfiguresinRmbunlessnoted,TPinUSD)CTRPUSvsS&P500,&rechistoryImpactBaidu–financiallypositive.Shouldthetransactiongothrough,itwouldbeanothersignofincreasingconsolidationinO2O(‘onli
4、netooffline’).In3Q17,BaidumergeditsfooddeliverybusinesswithEle.me.Inreturn,BaidugotUS$200mincashanda5%stakeinEle.me,accordingtoSCMPandCaijing,withEle.methenvaluedatUS$6n.Basedonthe36Kr.comarticle,Ele.me’snewvaluationisUS$9.5bn,soatransactionwithAlibabawould
5、potentiallytranslatetoaone-offcashinflowofUS$475mforBaidu.Note:Recommendationtimeline-ifnotacontinuousline,thentherewasnoMacquariecoverageatthetimeortherewasanembargoperiod.Source:FactSet,MacquarieResearch,February2018Ctrip–reducingcompetitionintravelfromM
6、eituan.Meituanwillneedto(allfiguresinRmbunlessnoted,TPinUSD)spendmoreinitscorebusinesstodefenditsNo.1positioninthefooddeliveryBABAUSvsS&P500,&rechistorymarket.Therefore,Meituanwillhavelessresourcestodevoteinthetravelspace.BABA–strategically,thedecisiontomo
7、veisright.ItwillhelpAlibaba’spaymentande-commercebusiness,giventhehigh-frequencyusageoffooddeliveryanditsnaturallinkagewithpayment.However,thiswillcomeatacostofcontinuingmarginpressureforBABAasitwillneedtobackupEle.meforcashburn,justlikeBABAdidforYoukuafter
8、itboughtoutYouku.AsofJune2017,BABAheld23%inEle.me,whileAntFinancialhad9%.IfAntNote:Recommendationtimeline-ifnotacontinuousline,thentherewasnoMacquariecoverageatthetimeortherewasanembargoperiod.Financia