New Street Research - PINDUODUO PDD US (PDD) PDD 2Q23 Results: Demand Remains Resilient

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New Street Research

Jin Yoon

PDD 2Q23 Results: Demand Remains Resilient

What's new: PDD’s reported 2Q23 results beat consensus and our expectations driven by positive shift in consumer sentiment and encouraging results from its high-quality development strategy. As consumer sentiment continues to improve, PDD may invest further to stimulate the demand recovery. We up our PT from USD100 to USD120 on improving outlook. Our revised PT of USD120 implies 3.7x FY24 EV/Revs. We maintain our BUY rating.

Analysts:
Jin Yoon

30/08/2023 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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PDD 2Q23 Results: Demand Remains Resilient

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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