PDD 2Q24 Results: Further Investment to Drive High Quality Growth
What’s new: PDD’s reported 2Q24 revs that were below consensus and our expectations. PDD will invest substantial resources to support high-quality merchants on the platform which includes a transaction fee reduction – totaling to RMB10bn in the first year. We lower our PT from USD170 to USD150 due to lowered outlook. Our updated PT of USD150 implies a 9.8x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.