PDD 1Q25 Results: Revs and Profitability to Face Pressure in the Near Term
What’s new: PDD’s reported 1Q25 results that were below consensus and our expectations. PDD noted that profitability is likely to face challenges in the near-term and potentially over a longer period partly due to continued merchant support amid a challenging environment in both domestic and overseas markets. We lower our PT from US$150 to USD$120 on lowered outlook. Our updated PT of US$120 implies a 16.0x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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