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《大行》麥格理升拼多多(PDD.US)目標價至165美元 最壞時刻已過評級「跑贏大市」
阿思達克 08-26 10:54
麥格理研究報告指出,考慮到拼多多(PDD.US)國內電商競爭激烈及跨境電商平臺Temu面臨的地緣政治挑戰,2025年第二季度財報表現已超出原先保守預期。展望未來,麥格理認爲最壞的情況已過,Temu繼續多元化其營運市場,歐洲和中東成爲主要焦點。該行估計Temu在2025年預計虧損110億美元,較之前的150億美元估計有所收窄。 該行渠道檢查顯示,拼多多的總交易額(GMV)仍保持市場份額增長,但部分被商家折扣和傭金減免抵消。該行預計收入與GMV的差距將持續,但預見2025年下半年隨着以舊換新政策影響減弱,情況有所改善。麥格理目前預計全年調整後淨利潤將達到1,030億元人民幣,較市場預測高出14%。 麥格理將拼多多2025及26年純利預測分別上調14%、2%,以反映財報表現,目標價上調31%,由原先126美元上調至165美元,相當於預測明年市盈率12倍,以與行業同行一致,評級「跑贏大市」。
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