New Street Research - Pinduoduo Inc. Sponsored ADR Class A (PDD) ... PDD 3Q24 Results: Investments to Drag Near Term Margins

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New Street Research

Jin Yoon

PDD 3Q24 Results: Investments to Drag Near Term Margins

What’s new: PDD’s reported 3Q24 results that were below consensus and our expectations. PDD will continue to invest substantial resources to support high-quality merchants on the platform which may drag margins in the near term. We maintain our PT at USD150.

Analysts:
Jin Yoon

22/11/2024 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

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Analysts

Jin Yoon

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PDD 3Q24 Results: Investments to Drag Near Term Margins

China Internet: 1H25 outlook shaped by implications of fiscal stimuli and US tariffs.

PDD Holdings (PDD US): 3Q24: Earnings and revenue miss; competitive and profitability headwinds persist.

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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