PDD: Positive On 3Q23 Performance Driven By Growth From International Expansion
We are positive on PDD’s performance in 3Q23. Since November 2022, PDD has expanded its cross-border business into more than 39 countries - from the US to Europe and to Southeast Asia. Based on a public report, in 3Q23, PDD’s overseas GMV is likely to surpass US$5B. We believe its low-price strategy can enable the company to continue to gain market share overseas. Over the last several years, PDD has transformed its reputation from low quality and low price to low price only, and the quality of its products is no longer an issue. In the current economic downturn, PDD has become one of the necessary platforms to go for bargains.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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