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PDD Holdings Inc

PDD Holdings Inc - PDD US

Consumer DiscretionaryChina
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bullish•PDD Holdings Inc•22 Mar 2023 09:39•Broker Report

PDD Holdings (PDD US) – Investment to enhance long-term development prospect

PDD Holdings (PDD) announced (20 Mar) 4Q22 results: revenue was up 46.2% YoY to RMB39.8bn, 7/5% below our/Bloomberg consensus estimates.

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bullish•PDD Holdings Inc•22 Mar 2023 08:51

[PDD US]: Slowing Growth but Still Best-In-Class, Cut TP Maintain BUY.

We expect that PDD’s domestic eCommerce will experience slowdown in growth. Temu is likely to grow GMV rapidly with high losses from branding and...

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bearish•PDD Holdings Inc•21 Mar 2023 16:55

Pinduoduo: Cost Cutting Wearing Out, Margins Heading Towards Our Steady State Target of 6-7%

Expecting consensus to downgrade expectations substantially over the next few years, we don’t think it is worthwhile paying up to 45.0x FY+2 OP (on...

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bullish•PDD Holdings Inc•21 Mar 2023 01:06

Pinduoduo (PDD): 4Q22, Lower Than Consensus, But Higher Than Competitors

In 4Q22, revenue grew by 46% YoY, lower than consensus, but higher than competitors. The operating margin improved significantly from 7% in 2021 to...

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Ming Lu
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bullish•PDD Holdings Inc•17 Mar 2023 12:55

Pinduoduo: Trading off Between Top-Line Growth and Bottom-Line Slowdown

We are turning more constructive on TEMU, but acknowledge the need to trade off between topline growth and bottomline pressure for PDD. Wait for...

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Eric Chen
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