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<Research> CMBI Cuts PDD Holdings Inc. (PDD.US) TP to USD154.8, Reiterates Buy on Undemanding Valuation
CMBI issued a report stating that PDD Holdings Inc. (PDD.US) recorded 1Q revenue of RMB106.2 billion, up 11% YoY and 2% below market expectations, mainly due to online marketing se...
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<Research> CMBI Cuts PDD Holdings Inc. (PDD.US) TP to USD154.8, Reiterates Buy on Undemanding Valuation
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CMBI issued a report stating that PDD Holdings Inc. (PDD.US)      recorded 1Q revenue of RMB106.2 billion, up 11% YoY and 2% below market expectations, mainly due to online marketing services and other revenue missing estimates by 5%, partly offset by transaction services revenue beating expectations by 1%. Operating profit rose 21.6% YoY to RMB19.6 billion, 7% below consensus, due to lower-than-expected revenue and higher-than-expected sales and marketing expenses.

PDD Holdings Inc. continued to invest in supply chain capabilities as well as its platform and broader ecosystem to enhance the overall experience for merchants and customers, thereby better addressing intense industry competition, especially amid short-term headwinds in consumer demand. The broker lowered its 2026 revenue and non-GAAP net profit forecasts by 3% and 13%, respectively, to reflect increased support for merchants and revised assumptions on investment income and other gains/(losses). Based on a sum-of-the-parts valuation method, the TP was cut by 4% from the previous USD161.7 to USD154.8, equivalent to a forecast 2026 PE of 15x. Considering that the stock is currently trading at a forecast 2026 PE of 8x and that the company holds approximately RMB512 billion in cash, restricted cash and short-term investments, the broker believes the current valuation is not demanding. The Buy rating was maintained. (da/u)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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