New Street Research - Pinduoduo Inc. Sponsored ADR Class A (PDD) ... PDD 3Q23 Results: Continued Share Gains in Both Domestic and Overseas Markets

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New Street Research

Jin Yoon

PDD 3Q23 Results: Continued Share Gains in Both Domestic and Overseas Markets

What's new: PDD’s reported 3Q23 results beat consensus and our expectations driven by improving consumer sentiment and encouraging results from its high-quality development strategy. PDD could continue to invest to stimulate the demand recovery. We up our PT from USD120 to USD170 on continued share gains in both domestic and international markets. Our revised PT of USD170 implies 4.2x FY24 EV/Revs. We maintain our BUY rating.

Analysts:
Jin Yoon

29/11/2023 1 EN

Underlyings

Pinduoduo Inc. Sponsored ADR Class A

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US7223041028 NASDAQ Stock Market Cayman Islands

PINDUODUO PDD US

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New Street Research

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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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PDD 3Q23 Results: Continued Share Gains in Both Domestic and Overseas Markets

China Internet: 618 Festival – Evolving consumer trends and continued focus on value for money.

Regional Morning Meeting Notes: Thursday, June 19, 2025

PDD 1Q25 Results: Revs and Profitability to Face Pressure in the Near Term

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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