1/ This recent Bernstein note on food delivery was really interesting - and totally contrary to my priors. It kind of looks like food delivery apps… actually maintain differentiated products? $ROO $UBER $JET $TKWY
2/ For context, Bernstein scraped all 90k restaurants in the UK on the Just Eat, Uber Eats, and Takeaway apps

The takeaway: only 3% of restaurants were listed on all 3 apps. 75% of restaurants only list on a *single* app! All three apps are *majority* exclusive
3/ How is this possible? Bernstein is as flabbergasted as I am here… but I guess independent UK restaurants find running multiple delivery apps way, way, way more inconvenient than I would’ve guessed
4/ Incredibly, this is true for every single part of the UK, including London, where I would’ve expected a lot more competition
5/ Deliveroo is dominant in London, Just Eat and Uber Eats are in a knife fight in every other part of the country
5/ You always hear that a delivery app’s restaurant selection is the #1 deciding factor for consumers. If this is actually true and current restaurant exclusivity persists (big if), the food delivery apps might actually be able to build a real business here

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More from @TrashPandaValue

Sep 30
1/ Ok, the initiation from Bernstein’s new Korean internet analyst is one of the most hilariously candid sellside reports I’ve read in a while.

Will excerpt some highlights - Image
2/ “We believe our Underperform stocks will inflate their revenue by investing in non-core and unprofitable businesses, show the top line growth to investors, and then say and pray ‘Oh God, please tell me that the scale will guarantee margin in the long term’” Image
3/ On ecommerce profit pools: “Squid Game also starts from a sweet offer and ends up being a brutal survival game - only few survived, and everyone else dies. We think the same thing will happen in the Korea Internet & Media Sector.” $CPNG Image
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