In today’s briefing:
- Pinduoduo: Trading off Between Top-Line Growth and Bottom-Line Slowdown
- Weekly Wrap – 17 Mar 2023
- Asia HY Trade Book – March 2023 – Lucror Analytics
Pinduoduo: Trading off Between Top-Line Growth and Bottom-Line Slowdown
- PDD stock price has been increasingly driven by TEMU as of late, thanks to TEMU’s fast growth and aggressive geographical expansion.
- TEMU rollout introduces more variables to upcoming 4Q results , especially with regard to incremental investments that pose downside risks to earnings, which will sharply decelerate in 4Q and beyond.
- We are turning more constructive on TEMU, but acknowledge the challenges in trading off between topline growth and bottom line deceleration in a potentially prolonged tightening cycle. Stay neutral.
Weekly Wrap – 17 Mar 2023
Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.
In this Insight:
Asia HY Trade Book – March 2023 – Lucror Analytics
The Asia HY Trade Book for March 2023 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia (ex-Japan) HY and crossover credits.
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