PDD: High MAU Effectiveness And User Expansion Driving Up GMVs; Along With Better Discipline In Spending Pave Road For Eventual Profitability; Expect Better 1Q19 Results
PDD will report 1Q19 results on May 20th before the markets open with a 7:30am EST conference call. We are positive into 1Q19 earnings. For 4Q18 earnings, investors were caught off guard by the hike of S&M spending. As a result, S&M spend information has become a key factor that will impact future stock movement in addition to the growth in its GMVs. From our data and research, we believe PDD’s GMV in 1Q19 is likely to be between RMB150B and RMB161B, vs. consensus GMV expectation at RMB146B.
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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