New Street: PDD 3Q21 Results - Significant Miss in OMS; Lower PT to $100
What's new: Pinduoduo Inc. 3Q21 top-line results were below consensus and our expectations driven by continued deceleration in OMS coupled with meaningful reduction in merchandise sales. The company may shift its investment focus from S&M to R&D, in-line with its RMB10bn agriculture initiatives. We lower our PT from USD140 to USD100 as top line could continue to face pressure amid weak macro environment. Our new PT of USD100 implies a FY22 EV/revenue of 6.0x.Analysts:
Jin Yoon
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