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《大行》麥格理降拼多多(PDD.US)今明兩年盈測 目標價下調至126美元
阿思達克 05-28 12:33
麥格理發表研究報告指,拼多多(PDD.US)首季業績表現疲軟,收入較該行及市場預期低14%及8%,經調整淨利潤率則低2.3及9個百分點,相信源於Temu表現不及預期的拖累。麥格理預期,收入增速較GMV落後及變現率挑戰等,可能導致拼多多短期前景吸引力下降,但相信現價估值水平已反映大部分下行風險,因此維持「跑贏大市」評級。 拼多多承諾對平台生態投資,麥格理相信將為盈利前景帶來負面影響,因此將2025及2026年盈利預測分別下調17%及6%,目標價從153美元下調至126美元。
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