《大行》匯豐研究削拼多多(PDD.US)目標價至122美元 大降盈測三成
匯豐研究發表報告,指拼多多(PDD.US)首季盈利遜預期,其加大對商戶支援及消費者補貼將損害盈利展望。廣告增長展現韌性,意味國內市場佔有率維持完好。在降低國內傭金率預測,部分由於對商戶收費減少下,降今年至2027年各年收入預測14%至21%,純利預測下調約30%至33%,目標價由170美元大削至122美元,維持「買入」評級。該行料其短期股價受壓,直至市場對其收入及純利可見度增加。
考慮到美國對小額包里徵費措施影響,該行下降對其國際平臺Temu的平均總交易額(GMV)預測。而首季遜預期的交易服務收入意味Temu提成率受壓。因此該行降其海外提成率預測。報告提及,首季毛利率下降源於履約成本及支付處理費用上升,料該等因素將持續壓抑毛利率展望。
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