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《大行報告》匯豐研究升拼多多(PDD.US)目標價至160美元 轉變驅動增長方式
阿思達克 11-30 16:08
匯豐研究發表報告指出,拼多多(PDD.US)第三季業績強勁,內地業務符合預期。該行並無改變對其內地業務的預測,繼續估計明年增長放緩,因為競爭加劇、同業加大降價力度,並致力透過廣告需求提高變現率。 該行認為,雖然拼多多持續削減銷售及管理費用可以維持國內盈利增長,但進一步優化的空間有所收窄。該行認為公司正轉變驅動增長方式,海外將成為推動公司明年增長的關鍵,並大幅提升對海外業務的預測,對其2023至2025年收入及盈利預測,分別上調14%至23%,以及16%至20%。 然而,該行指拼多多或面臨更大的地緣政治風險,因為隨著增長加速,公司在美國的商品交易總額已逐漸接近主要參與者BestBuy。該行對拼多多的目標價由125美元上調至160美元,維持「買入」評級。
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