《大行》瑞銀:市場對拼多多(PDD.US)盈測有上調空間 目標價上調至176美元
瑞銀報告指,拼多多(PDD.US)第二季度業績應暫時緩解投資者的多個擔憂,包括美國關稅對Temu業務的全面財務影響,4月推出的1,000億元人民幣補貼對利潤率的潛在影響,以及隨著利息和投資收入獲得回報,拼多多現金餘額的合法性得到驗證。
報告指,拼多多在內地的競爭對手將重點轉向快速商務而非低價競爭,應減輕拼多多在傳統電商領域的競爭壓力。Temu第二季度可能是受美國政策影響最嚴重的一個季度,預計Temu將逐漸復甦,受惠美國流量恢復、對新跨境電商模式的持續測試,以及非美國地區的持續擴張。
該行亦指,拼多多去年第三季盈利下降,今年第二季度亦應已考慮新的1,000億元人民幣商家支持計劃,認為在業績公布後,市場對拼多多盈利預期有上調空間。該行上調對拼多多今年至2027年每股盈利預測13%至32%,目標價由165美元上調至176美元,評級「買入」。
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