《大行》招銀國際降拼多多(PDD.US)目標價至134.5美元籲買入
招銀國際研究報告指,拼多多(PDD.US)今年首季收入僅按年升10.2%,低於去年第四季24.4%,遜市場預期6%;非公認會計準則淨利潤按年跌45%,較預期差39%,歸因於銷售和市場推廣支出超出預期,以應對同行的激烈競爭。
該行將2025至27年非公認會計準則淨利潤預測下調25至31%,但預期今年第四季盈利增長將迎來轉折點,因到時首輪平台生態系統策略及國家補貼都會達到全年的里程碑;又將2025至27年收入預測下調9至12%,因商戶支援措施增強的影響超出預期。目標價由170.4美元降至134.5美元,維持「買入」評級。(ss/u)
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