New Street Research - PINDUODUO PDD US (PDD) New Street: PDD 3Q22 Results - Robust Topline Despite Macro Concerns

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New Street Research

Jin Yoon

New Street: PDD 3Q22 Results - Robust Topline Despite Macro Concerns

What's new: Pinduoduo Inc. reported 3Q22 results that beat consensus and our expectations. Top line growth was mainly driven by increased merchant activities and strong user demand on high quality products on the platform. We increase our PT from USD80 to USD100 on robust demand environment leading to material share gains, coupled with cost discipline. Our revised PT of USD100 implies a 3.8x FY23 EV/Rev.

Analysts:
Jin Yoon

01/12/2022 1 EN

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PINDUODUO PDD US

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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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New Street: PDD 3Q22 Results - Robust Topline Despite Macro Concerns

PDD: 1Q25 Flash - Meaningful Deceleration in Revs; Margins Below Expectations

PDD Holdings (PDD US): 4Q24: Earnings largely in line; revenue miss on Rmb10b fee reduction programme.

Greater China Daily: Friday, March 21, 2025

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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