《大行報告》摩通升拼多多(PDD.US)目標價至180美元 評級「增持」
摩根大通發表報告,維持對拼多多(PDD.US)的「增持」評級,預計在未來6至12個月內其股價將進一步跑贏大市,看好國際業務Temu已經成爲第二大增長動力,而中國主要互聯網同業似乎未能追上其增長曲線。
摩通表示對Temu的估值定價有信心,預期2023至2027年GMV年均複合增長率超過50%以上,預料會在2027年實現盈利,淨利潤率料達3%。
拼多多持續鞏固中國市場「物有所值」的電商定位,摩通預期中國業務利潤於2023至2025年年均複合增長率可達20%,將目標價由120美元上調至180美元,對應明年預測市盈率約18倍。(gc/w)
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