Nomura’s research report wrote that Pinduoduo (PDD.US) , a Chinese online retailer and Temu's parent company, magnified investments within China and experienced deteriorated overseas sales. Consequently, Nomura lowered its earnings forecast for FY2025-26 by 38% and 32%, respectively, and reduced the TP from US$130 to US$114, equivalent to a 16x 2025E P/E, maintaining a Neutral rating.Related NewsJensen Huang: CN's AI Will Keep Advancing With or Without US ChipsThe broker also considered Temu's outlook to be filled with uncertainties, as its overseas market strategy is being tested by the US's removal of the minimum tax exemption. Without the favorable effects of the minimum tax exemption, the previous low-price strategy may become unsustainable. Temu's 1Q revenue was expected to decline by 2%, but a 10% growth was anticipated for FY2026. (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)