Professional
Added to YB: 2024-06-05
Pitch date: 2024-05-28
PDD [bullish]
PDD Holdings Inc.
-23.57%
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. 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
$146.49
Price Target
230.00 (+105%)
Dividend
N/A
EV/EBITDA
7.93
P/E
12.01
EV/Sales
1.82
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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