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<Research>HSBC Research Slashes PDD (PDD.US) TP to US$122, Reduces Earnings Forecasts by 30%
PDD Holdings (PDD.US)'s 1Q25 profit missed expectation, with increased support for merchants and consumer subsidies likely to harm its earnings outlook, HSBC Global Research is...
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<Research>HSBC Research Slashes PDD (PDD.US) TP to US$122, Reduces Earnings Forecasts by 30%
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PDD Holdings (PDD.US)      's 1Q25 profit missed expectation, with increased support for merchants and consumer subsidies likely to harm its earnings outlook, HSBC Global Research issued a research report saying.

Advertising growth showed resilience, implying that its domestic market share remained intact. HSBC Global Research lowered its forecast for domestic commission rates, partly due to reduced charges to merchants, and reduced its 2025-2027 revenue/ net profit forecasts by 14-21%/ approx. 30-33%.

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The broker also slashed its target price from US$170 to US$122, with rating kept at Buy. HSBC Global Research estimated short-term pressure on its stock price until the market sees more clarity on both its revenue and net profit.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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