MELI - E-commerce picks in emerging markets: Growing fast but much more to come UBS says

E-commerce growth has slowed down in emerging markets from "highly elevated levels," UBS says, but it's still "comfortably" in double digits, leading to a recommendation to stay overweight in the area. Pickup has been especially heavy in the grocery segment, the firm notes, and new mobility restrictions combined with an upcoming high season likely leads to re-accelerating growth in e-commerce through the end of the year. Online media platforms in the region are also returning to normal, and online gaming has kept up continuing strength. That's setting up a high base and likely some slower growth in the second half of 2021, but overall Internet and e-commerce in emerging markets is a "multi-year structural growth story, given still-low starting points in most segments," the bank says. (Even China's apparel and appliances aren't yet saturated, despite online penetration of 40-50%.) There is regulatory concern over China's recent crackdowns, but UBS is

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E-commerce picks in emerging markets: Growing fast but much more to come, UBS says