PDD: Positive On 4Q23 Performance Driven By Growth From Temu
We are positive about PDD’s performance in 4Q23 driven by Temu. Temu’s business model is agency business, like that of VipShop’s (VIPS, $17.22, Not Rated) business model. Under such a model, we estimate that 30% of Temu’s GMV becomes its international revenue. Temu GMV has been growing and continues to grow rapidly. We estimate the Q/Q growth to be around 40% in 4Q23 with approximately two-thirds of GMV coming from the US market. Its recent expansion in Japan and Korea is also ramping up rapidly.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.