《大行報告》里昂升拼多多(PDD.US)目標價至167美元 季績遠勝預期
里昂發表報告指出,拼多多(PDD.US)第三季業績續勝預期,總收入按年增長93.9至688億元人民幣,經調整純利按年增長36.8%至170億元人民幣,較該行預期高出分別13%及34%。消費者信心的改善、新的高質量增長策略,以及Temu的出色業績,均有利於公司收入。
該行認為,拼多多的商品交易總額(GMV)或將保持按年增長20%的趨勢,內地提成率約5.4%。由於公司在內地的成本控制良好,抵銷海外不斷增加的虧損,相信公司利潤可保持穩健增長。如有關趨勢延續,估計公司第四季收入有望按年增長80%,盈利按年穩健增長。
此外,該行對拼多多今明兩年經調整純利預測上調10%及4%,以反映強勁的收入及盈利超預期。對其目標價由114美元上調至167美元,評級「買入」。
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