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《大行報告》大摩升拼多多(PDD.US)評級至「增持」 目標價上調至113美元
阿思達克 03-03 14:03
摩根士丹利發表報告,指拼多多(PDD.US)受惠於在用戶心目中「低價」的長期消費趨勢,雖然同業補助計劃會引發競爭加劇,並或會影響短期利潤率,但集團的份額不太可能受到挑戰。另外,集團擴大品牌產品的覆蓋率亦有助支持公司增長跑贏行業,使其成為中國電商的結構性增長股。該行將集團評級由「與大市同步」上調至「增持」,目標價由77美元升至113美元。 該行表示,拼多多在2019年中推出100億元人民幣補貼計劃後,其用戶群顯著擴大,用戶粘性增強。由於公司來自品牌產品的GMV貢獻仍低於天貓及京東,該行認為,其ARPU有進一步增長的空間。此外,更多品牌亦可能會帶來增量用戶,這將支持集團快於同業的GMV增長,並在中長期進一步提高提成率。
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