Professional
Added to YB: 2024-06-05
Pitch date: 2024-05-28
PDD [bullish]
PDD Holdings Inc.
-42.84%
current return
Author Info
No bio for this author
Company Info
PDD Holdings Inc., a multinational commerce group that owns and operates a portfolio of businesses. The company operates Pinduoduo platform, which provides various product categories and interactive shopping experiences; and Temu, an online platform, which enables merchants to streamline their manufacturing and commercial operations.
Market Cap
$801.2B
Pitch Price
$146.49
Price Target
230.00 (+175%)
Dividend
N/A
EV/EBITDA
3.70
P/E
8.72
EV/Sales
0.84
Sector
Broadline Retail
Category
growth
PDD Holdings Inc.: Raising Fair Value Estimate by 8% to $230 on Strong Revenue and Bottom-Line Beat
PDD: Q1 rev +15%, non-GAAP OP +89% vs consensus. Raised FVE 8% to $230 on stronger Temu growth & lower S&M costs. Domestic platform resilient w/ 55% YoY growth. Temu 51% of rev, poised for faster profitability on half consignment model. Largest active buyers but ARPU 37% of BABA's. Agri & grocery focus. Subsidies to gain share from BABA. Narrow moat on network effect. Non-GAAP OP margin 32% by '33. Risks: macro, regulation, competition from BABA/JD/Kuaishou/Douyin, US ban, agri investment, counterfeit goods. No dividend.
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