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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  LINE Corporation    3938   JP3966750006

LINE CORPORATION

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Thai Siam Commercial Bank launches food delivery app amid competition

10/26/2020 | 01:55am EST
A man walk into the Siam Commercial Bank branch in central Bangkok

BANGKOK (Reuters) - Thailand's Siam Commercial Bank Pcl (SCB) on Monday launched a food delivery platform, Robinhood, amid growing competition in the sector in Southeast Asia's second-largest economy.

Robinhood is the latest entrant to offer Thai food delivery services, which have seen a surge in orders amid lockdown restrictions earlier this year during the coronavirus pandemic.

The sector is currently dominated by Singapore-based Grab, Indonesia's Go-Jek, Foodpanda, owned by Germany's Delivery Hero SE and Japan's Line Man Wongnai.

Thailand's fourth-largest lender, SCB, is an investor in Go-Jek, but has said their food delivery units operate separately.

In a statement, SCB said that 10,000 riders were ready to deliver food.

"The Robinhood app's goal is to act as a bridge between 16,000 small merchants and customers," said SCB senior executive Thana Thienachariya.

The app aims to link to 30,000 restaurants by year-end.

Rival lender, Kasikornbank Pcl, has also launched a food ordering platform, Eatable, but does not have its own delivery fleet.

In July, Japanese chat app, Line Crop, announced a merger between its food delivery unit with restaurant platform Wongnai and a capital raising of $110 million with plans to expand.

Last week, Thailand's competition watchdog announced guidelines for food delivery apps including charging commissions without advance notice and inappropriate charges for advertising and promotions.

There had been complaints that food delivery platforms have increased their service fees for restaurants from 20% to up to 40%.

SCB said Robinhood would not charge merchants gross profit commissions and vowed to settle payments to merchants within an hour and be entirely cashless. It will offer merchant-sponsored discounts for customers of 8%.

(Reporting by Chayut Setboonsarng; Editing by Ed Davies)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
DELIVERY HERO SE -1.14% 99.94 Delayed Quote.43.49%
KASIKORNBANK 0.00% 114.5 End-of-day quote.-24.17%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
THE SIAM COMMERCIAL BANK 0.28% 90 End-of-day quote.-26.23%
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Financials
Sales 2020 262 B 2 506 M 2 506 M
Net income 2020 -31 174 M -299 M -299 M
Net cash 2020 21 771 M 209 M 209 M
P/E ratio 2020 -40,9x
Yield 2020 -
Capitalization 1 306 B 12 518 M 12 514 M
EV / Sales 2020 4,91x
EV / Sales 2021 4,46x
Nbr of Employees 6 998
Free-Float 11,4%
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Technical analysis trends LINE CORPORATION
Short TermMid-TermLong Term
TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 7
Average target price 5 366,67 JPY
Last Close Price 5 380,00 JPY
Spread / Highest target 0,00%
Spread / Average Target -0,25%
Spread / Lowest Target -1,49%
EPS Revisions
Managers
NameTitle
Takeshi Idezawa President, CEO & Representative Director
Hae-Jin Lee Chairman
In-Joon Hwang Chief Financial Officer & Director
Eui-Bin Park Chief Technology Officer
Jun Masuda Director, Chief Strategy & Marketing Officer
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