New Street Research - Pinduoduo Inc. Sponsored ADR Class A (PDD) New Street: PDD 1Q21 Results - Grocery in Spotlight

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New Street Research

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

28/05/2021 7 EN

Underlying

Pinduoduo Inc. Sponsored ADR Class A

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US7223041028 NASDAQ Stock Market Cayman Islands

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Analysts

Jin Yoon

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New Street: PDD 1Q21 Results - Grocery in Spotlight

PDD Holdings Files Annual Report on Form 20-F for Fiscal Year 2023

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

PDD 4Q23 Results: Continued Share Gains in ‘24

Snap Inc. (SNAP, Buy, $17 target) Everything works for the ad business

Alphabet (GOOGL, Buy, $166 target) First Thoughts After the Call

ADYEN (Buy, TP: EUR1,700, +45%) Buying opportunity on the pullback / Q1 model update

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