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<Research>Nomura Trims PDD (PDD.US) TP to US$137; 3Q Results Miss but Still Strong
Recommend 1 Positive 1 Negative 3 |
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Pinduoduo (PDD.US)'s 3Q24 revenue and non-GAAP EPS grew 44% and 60%, respectively, missing market estimates by 3% and 8%, Nomura said in a research note. However, Nomura still believed that Pinduoduo's performance was solid last quarter, as many of its internet peers are still muddling through to manifest growth. The company's management predicted that continuous investment in the coming quarters may affect its profit margins. The broker foresaw Pinduoduo's China revenue could gain 26% in 2025, with OPM expected to rise to 40%. Its overseas business, Temu, may shift its focus to boosting profitability, with revenue expected to add 37% in 2025, with OPM reaching 2.6%. Accordingly, Nomura lowered Pinduoduo's 2024 and 2025 EPS forecasts by 5% and 12%, and trimmed its target price from US$164 to US$137, maintaining a Buy rating. AAStocks Financial News |
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