China's Missfresh rises on revenue jump, brokerage optimism

Missfresh

12/11/2021 11:48

** Shares in Chinese online grocery app  MF.O  rise 13.3% to
$4.70 premarket — on course to open at 2-1/2-month high
    ** Total net revenue increased 47.2% to 2.12 billion yuan 
($332.42 million) for the third quarter, MF said after markets
closed on Thursday  urn:newsml:reuters.com:*:nASA02SFF
    ** There is still significant scope to penetrate tier 1 and
2 cities, Jefferies analyst Thomas Chong said
    ** MF forecast net revenue to jump about 35% to 40% from a
year earlier in the fourth quarter, with gross margin improving
by 100-150 basis points sequentially
    ** Chong said the brokerage expects MF to maintain strong
revenue growth momentum in 2022 with improvement in fundamentals
    ** Shares have shed more than two-thirds of their market
value from June IPO price mainly on heightened regulatory
concerns  urn:newsml:reuters.com:*:nL2N2OK1AW


($1 = 6.3775 Chinese yuan renminbi)

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))