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《大行報告》摩通升拼多多(PDD.US)目標價至195美元 今年內地互聯網業首選
阿思達克 01-18 11:27
摩根大通發表報告,預期拼多多(PDD.US)今年股價仍將為中國互聯網板塊中最佳,縱使去年已顯著跑贏同業。 報告指,市場對拼多多主要憂慮為中國市場高收入增長的可持續性,以及Temu平台虧損拖累整體盈利顯著下跌。該行近期與行業專家討論後認為有關憂慮可能屬過度,因市場共識仍低估中國市場收入及盈利增長,該增長將由去年下半年推動的變現化措施支持。此外,該行指Temu毛交易總額及收入增長或已超出市場的高預期,因其投資將在非美國市場更為進取。在中國市場的高盈利支持下,Temu虧損擴大不會令集團整體盈利穩定增長脫軌。 該行預測拼多多今年盈利按年升30%,縱使Temu帶來逾250億元人民幣虧損。該行亦料Temu毛交易總額將按年翻倍至400億美元,使該行對拼多多今年收入預測較共識高15%。該行重申對拼多多「增持」評級,目標價由180美元上調至195美元。該行認為Temu零價值假設已反映在目前股價上。
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