Professional
Added to YB: 2024-09-06
Pitch date: 2024-08-27
PDD [bullish]
PDD Holdings Inc.
+15.6%
current return
Author Info
Hayden Capital is an investment firm that follows a research-intensive, concentrated strategy. We travel the world, seeking to invest in growing businesses run by world-class founders. Sign up for the newsletter.
Company Info
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. It operates Pinduoduo platform which provides various product categories, including agricultural produce, apparel, shoes, bags, mother and childcare products, food and beverages, consumer electronics, electronic appliances, furniture and household goods, cosmetics and other personal care items, sports and fitness, and auto accessories; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations.
Market Cap
$1.2T
Pitch Price
$95.50
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.93
P/E
12.01
EV/Sales
1.82
Sector
Broadline Retail
Category
growth
Hayden Capital Portfolio Holding: PDD Holdings Inc.
PDD: Duoduo Grocery profitable (5-15% margins), ~$2.5B annual profit. Q2 results strong: rev +86% YoY, net income +125% YoY. Stock -28% on cautious outlook. Mgmt signaling aggressive expansion into high-end market & Temu. Trading at 5x 2024 EV/EBIT, -45% vs BABA. Potential offensive move, not weakness.
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