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<Research>UBS Trims PDD (PDD.US) TP to US$193 as Quarterly Results Miss
Recommend 5 Positive 7 Negative 3 |
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PDD Holdings (PDD.US) reported weaker-than-expected quarterly results, UBS released a research report saying. 3Q24 revenue amounted to RMB99 billion, up 44% YoY, missing estimations by 3%. Adjusted net profit was RMB27.5 billion, 7% below expectation, mainly due to gross profit margin drag from temporary unfavorable mix shift on its international platform, Temu, as well as merchant subsidies. UBS believed that investors are likely to remain on the sideline on PDD, while the uncertainty over US tariffs further clouds the stock's near-term outlook. Therefore, the broker trimmed its target price on PDD to US$193 from US$226, with rating at Buy. The broker preferred JD.com (JD.US) within the e-commerce space. AAStocks Financial News |
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