T. H. Data Flash – Pinduoduo – November & 4Q18E: Enjoying Its Ramping Stage, Positive On 4Q18 Performance
We are positive on PDD into 4Q18. The company is still in its high growth period. Based on our data and model, and assuming total rate is 2.84% (including 2.50% from ad and 0.34% from commission), 4Q18E revenue is likely to be better than consensus at RMB 5,015M (325% Y/Y growth).
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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