Pinduoduo ADS (N Shares)

  • TickerPDD
  • ISINUS7223041028
  • ExchangeNASDAQ Stock Market
  • SectorGeneral Retailers
  • CountryCayman Islands
 PRESS RELEASE

Pinduoduo celebrates resounding success of Food Systems Forum

Pinduoduo celebrates resounding success of Food Systems Forum SHANGHAI, China, July 16, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc., China’s largest agriculture platform, is proud to celebrate the resounding success of its first Food Systems Forum. The virtual forum, held over two days on July 14 and 15, hosted panels on smart agriculture, food and agriculture policy and regulation, nutrition, alternative proteins, and investments. Speakers from leading institutions and organizations in the fields of agriculture and food systems, finance, investment economics, policy and regulation, and nutr...

Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet : Slow May 21 E-commerce sales growth; Saving for 618.

Like last year, the 618-Internet shopping gala kicked off its pre-sales session in late- May 21. Unlike the conventional “Three Kingdom” battle, we see new players entering the arena − Douyin and Kuaishou − via livestream e-commerce. We saw weak May 21 ecommerce data after the strong 1Q21, partly due to the spending power saved for 618. Competition will continue for the rest of the year. We remain upbeat on China’s ecommerce sector due to the domestic consumption recovery.

Jin Yoon
  • Jin Yoon

New Street: PDD 1Q21 Results - Grocery in Spotlight

What's new: Pinduoduo Inc. beat 1Q21 top-line expectations on the strength in core marketplace business. We expect continued investments in infrastructure and user engagement in Duoduo Grocery that may weigh down margins but could potentially drive top-line growth momentum in 2021. We lower our PT from USD160 to USD140 on structural margin concerns. Our new PT implies a FY22 EV/revenue of 6.4x. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao

Pinduoduo (PDD US) : 1Q21: Results beat; MAU And GMV slowing down; Upg...

PDD reported solid 1Q21 results. Revenue surged 239% yoy to Rmb22.2b, 12% ahead of the street’s estimate. Gross profit was Rmb11.4b but gross margin declined 20.5ppt to 52% due to the drag from the 1P model (which carried a lower margin) and investment in groceries. Non-GAAP net loss narrowed yoy to Rmb1.9b vs Rmb3.2b in 1Q20, which was better than the street’s expectation of a Rmb3b net loss. Upgrade to HOLD with an unchanged target price of US$125.00. Entry price: US$110.00.

Joyce Chan Pui Lai ... (+4)
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Sunny Chen
  • Carol Dou Xiao Qin

Greater China Daily: Thursday, May 27, 2021

KEY HIGHLIGHTS Results Ali Health (241 HK/HOLD/HK$20.60/Target: HK$22.30) FY21: Results below market expectation; pharmaceutical direct sales business to continue to drive growth. Pinduoduo (PDD US/HOLD/US$130.82/Target: US$125.00) 1Q21: Results beat; MAU and GMV slowing down; upgrade to HOLD. TRADERS’ CORNER Sany Heavy Equipment (631 HK): Trading Buy Range: HK$9.84-9.86 Haier Smart Home (6690 HK): Trading Buy Range: HK$33.95-34.00

 PRESS RELEASE

Pinduoduo celebrates resounding success of Food Systems Forum

Pinduoduo celebrates resounding success of Food Systems Forum SHANGHAI, China, July 16, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc., China’s largest agriculture platform, is proud to celebrate the resounding success of its first Food Systems Forum. The virtual forum, held over two days on July 14 and 15, hosted panels on smart agriculture, food and agriculture policy and regulation, nutrition, alternative proteins, and investments. Speakers from leading institutions and organizations in the fields of agriculture and food systems, finance, investment economics, policy and regulation, and nutr...

Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet : Slow May 21 E-commerce sales growth; Saving for 618.

Like last year, the 618-Internet shopping gala kicked off its pre-sales session in late- May 21. Unlike the conventional “Three Kingdom” battle, we see new players entering the arena − Douyin and Kuaishou − via livestream e-commerce. We saw weak May 21 ecommerce data after the strong 1Q21, partly due to the spending power saved for 618. Competition will continue for the rest of the year. We remain upbeat on China’s ecommerce sector due to the domestic consumption recovery.

Jin Yoon
  • Jin Yoon

New Street: PDD 1Q21 Results - Grocery in Spotlight

What's new: Pinduoduo Inc. beat 1Q21 top-line expectations on the strength in core marketplace business. We expect continued investments in infrastructure and user engagement in Duoduo Grocery that may weigh down margins but could potentially drive top-line growth momentum in 2021. We lower our PT from USD160 to USD140 on structural margin concerns. Our new PT implies a FY22 EV/revenue of 6.4x. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao

Pinduoduo (PDD US) : 1Q21: Results beat; MAU And GMV slowing down; Upg...

PDD reported solid 1Q21 results. Revenue surged 239% yoy to Rmb22.2b, 12% ahead of the street’s estimate. Gross profit was Rmb11.4b but gross margin declined 20.5ppt to 52% due to the drag from the 1P model (which carried a lower margin) and investment in groceries. Non-GAAP net loss narrowed yoy to Rmb1.9b vs Rmb3.2b in 1Q20, which was better than the street’s expectation of a Rmb3b net loss. Upgrade to HOLD with an unchanged target price of US$125.00. Entry price: US$110.00.

Joyce Chan Pui Lai ... (+4)
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Sunny Chen
  • Carol Dou Xiao Qin

Greater China Daily: Thursday, May 27, 2021

KEY HIGHLIGHTS Results Ali Health (241 HK/HOLD/HK$20.60/Target: HK$22.30) FY21: Results below market expectation; pharmaceutical direct sales business to continue to drive growth. Pinduoduo (PDD US/HOLD/US$130.82/Target: US$125.00) 1Q21: Results beat; MAU and GMV slowing down; upgrade to HOLD. TRADERS’ CORNER Sany Heavy Equipment (631 HK): Trading Buy Range: HK$9.84-9.86 Haier Smart Home (6690 HK): Trading Buy Range: HK$33.95-34.00

 PRESS RELEASE

Pinduoduo celebrates resounding success of Food Systems Forum

Pinduoduo celebrates resounding success of Food Systems Forum SHANGHAI, China, July 16, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc., China’s largest agriculture platform, is proud to celebrate the resounding success of its first Food Systems Forum. The virtual forum, held over two days on July 14 and 15, hosted panels on smart agriculture, food and agriculture policy and regulation, nutrition, alternative proteins, and investments. Speakers from leading institutions and organizations in the fields of agriculture and food systems, finance, investment economics, policy and regulation, and nutr...

Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet : Slow May 21 E-commerce sales growth; Saving for 618.

Like last year, the 618-Internet shopping gala kicked off its pre-sales session in late- May 21. Unlike the conventional “Three Kingdom” battle, we see new players entering the arena − Douyin and Kuaishou − via livestream e-commerce. We saw weak May 21 ecommerce data after the strong 1Q21, partly due to the spending power saved for 618. Competition will continue for the rest of the year. We remain upbeat on China’s ecommerce sector due to the domestic consumption recovery.

Jin Yoon
  • Jin Yoon

New Street: PDD 1Q21 Results - Grocery in Spotlight

What's new: Pinduoduo Inc. beat 1Q21 top-line expectations on the strength in core marketplace business. We expect continued investments in infrastructure and user engagement in Duoduo Grocery that may weigh down margins but could potentially drive top-line growth momentum in 2021. We lower our PT from USD160 to USD140 on structural margin concerns. Our new PT implies a FY22 EV/revenue of 6.4x. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao

Pinduoduo (PDD US) : 1Q21: Results beat; MAU And GMV slowing down; Upg...

PDD reported solid 1Q21 results. Revenue surged 239% yoy to Rmb22.2b, 12% ahead of the street’s estimate. Gross profit was Rmb11.4b but gross margin declined 20.5ppt to 52% due to the drag from the 1P model (which carried a lower margin) and investment in groceries. Non-GAAP net loss narrowed yoy to Rmb1.9b vs Rmb3.2b in 1Q20, which was better than the street’s expectation of a Rmb3b net loss. Upgrade to HOLD with an unchanged target price of US$125.00. Entry price: US$110.00.

Joyce Chan Pui Lai ... (+4)
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Sunny Chen
  • Carol Dou Xiao Qin

Greater China Daily: Thursday, May 27, 2021

KEY HIGHLIGHTS Results Ali Health (241 HK/HOLD/HK$20.60/Target: HK$22.30) FY21: Results below market expectation; pharmaceutical direct sales business to continue to drive growth. Pinduoduo (PDD US/HOLD/US$130.82/Target: US$125.00) 1Q21: Results beat; MAU and GMV slowing down; upgrade to HOLD. TRADERS’ CORNER Sany Heavy Equipment (631 HK): Trading Buy Range: HK$9.84-9.86 Haier Smart Home (6690 HK): Trading Buy Range: HK$33.95-34.00

 PRESS RELEASE

Pinduoduo celebrates resounding success of Food Systems Forum

Pinduoduo celebrates resounding success of Food Systems Forum SHANGHAI, China, July 16, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc., China’s largest agriculture platform, is proud to celebrate the resounding success of its first Food Systems Forum. The virtual forum, held over two days on July 14 and 15, hosted panels on smart agriculture, food and agriculture policy and regulation, nutrition, alternative proteins, and investments. Speakers from leading institutions and organizations in the fields of agriculture and food systems, finance, investment economics, policy and regulation, and nutr...

Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet : Slow May 21 E-commerce sales growth; Saving for 618.

Like last year, the 618-Internet shopping gala kicked off its pre-sales session in late- May 21. Unlike the conventional “Three Kingdom” battle, we see new players entering the arena − Douyin and Kuaishou − via livestream e-commerce. We saw weak May 21 ecommerce data after the strong 1Q21, partly due to the spending power saved for 618. Competition will continue for the rest of the year. We remain upbeat on China’s ecommerce sector due to the domestic consumption recovery.

Jin Yoon
  • Jin Yoon

New Street: PDD 1Q21 Results - Grocery in Spotlight

What's new: Pinduoduo Inc. beat 1Q21 top-line expectations on the strength in core marketplace business. We expect continued investments in infrastructure and user engagement in Duoduo Grocery that may weigh down margins but could potentially drive top-line growth momentum in 2021. We lower our PT from USD160 to USD140 on structural margin concerns. Our new PT implies a FY22 EV/revenue of 6.4x. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao

Pinduoduo (PDD US) : 1Q21: Results beat; MAU And GMV slowing down; Upg...

PDD reported solid 1Q21 results. Revenue surged 239% yoy to Rmb22.2b, 12% ahead of the street’s estimate. Gross profit was Rmb11.4b but gross margin declined 20.5ppt to 52% due to the drag from the 1P model (which carried a lower margin) and investment in groceries. Non-GAAP net loss narrowed yoy to Rmb1.9b vs Rmb3.2b in 1Q20, which was better than the street’s expectation of a Rmb3b net loss. Upgrade to HOLD with an unchanged target price of US$125.00. Entry price: US$110.00.

Joyce Chan Pui Lai ... (+4)
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Sunny Chen
  • Carol Dou Xiao Qin

Greater China Daily: Thursday, May 27, 2021

KEY HIGHLIGHTS Results Ali Health (241 HK/HOLD/HK$20.60/Target: HK$22.30) FY21: Results below market expectation; pharmaceutical direct sales business to continue to drive growth. Pinduoduo (PDD US/HOLD/US$130.82/Target: US$125.00) 1Q21: Results beat; MAU and GMV slowing down; upgrade to HOLD. TRADERS’ CORNER Sany Heavy Equipment (631 HK): Trading Buy Range: HK$9.84-9.86 Haier Smart Home (6690 HK): Trading Buy Range: HK$33.95-34.00

 PRESS RELEASE

Pinduoduo celebrates resounding success of Food Systems Forum

Pinduoduo celebrates resounding success of Food Systems Forum SHANGHAI, China, July 16, 2021 (GLOBE NEWSWIRE) -- Pinduoduo Inc., China’s largest agriculture platform, is proud to celebrate the resounding success of its first Food Systems Forum. The virtual forum, held over two days on July 14 and 15, hosted panels on smart agriculture, food and agriculture policy and regulation, nutrition, alternative proteins, and investments. Speakers from leading institutions and organizations in the fields of agriculture and food systems, finance, investment economics, policy and regulation, and nutr...

Julia Pan Mengyao
  • Julia Pan Mengyao

China Internet : Slow May 21 E-commerce sales growth; Saving for 618.

Like last year, the 618-Internet shopping gala kicked off its pre-sales session in late- May 21. Unlike the conventional “Three Kingdom” battle, we see new players entering the arena − Douyin and Kuaishou − via livestream e-commerce. We saw weak May 21 ecommerce data after the strong 1Q21, partly due to the spending power saved for 618. Competition will continue for the rest of the year. We remain upbeat on China’s ecommerce sector due to the domestic consumption recovery.

Jin Yoon
  • Jin Yoon

New Street: PDD 1Q21 Results - Grocery in Spotlight

What's new: Pinduoduo Inc. beat 1Q21 top-line expectations on the strength in core marketplace business. We expect continued investments in infrastructure and user engagement in Duoduo Grocery that may weigh down margins but could potentially drive top-line growth momentum in 2021. We lower our PT from USD160 to USD140 on structural margin concerns. Our new PT implies a FY22 EV/revenue of 6.4x. Analysts: Jin Yoon

Julia Pan Mengyao
  • Julia Pan Mengyao

Pinduoduo (PDD US) : 1Q21: Results beat; MAU And GMV slowing down; Upg...

PDD reported solid 1Q21 results. Revenue surged 239% yoy to Rmb22.2b, 12% ahead of the street’s estimate. Gross profit was Rmb11.4b but gross margin declined 20.5ppt to 52% due to the drag from the 1P model (which carried a lower margin) and investment in groceries. Non-GAAP net loss narrowed yoy to Rmb1.9b vs Rmb3.2b in 1Q20, which was better than the street’s expectation of a Rmb3b net loss. Upgrade to HOLD with an unchanged target price of US$125.00. Entry price: US$110.00.

Joyce Chan Pui Lai ... (+4)
  • Joyce Chan Pui Lai
  • Julia Pan Mengyao
  • Sunny Chen
  • Carol Dou Xiao Qin

Greater China Daily: Thursday, May 27, 2021

KEY HIGHLIGHTS Results Ali Health (241 HK/HOLD/HK$20.60/Target: HK$22.30) FY21: Results below market expectation; pharmaceutical direct sales business to continue to drive growth. Pinduoduo (PDD US/HOLD/US$130.82/Target: US$125.00) 1Q21: Results beat; MAU and GMV slowing down; upgrade to HOLD. TRADERS’ CORNER Sany Heavy Equipment (631 HK): Trading Buy Range: HK$9.84-9.86 Haier Smart Home (6690 HK): Trading Buy Range: HK$33.95-34.00

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