HSBC Turns More Conservative on PDD's Earnings Outlook -- Market Talk

Dow Jones11-22 16:44

0843 GMT - HSBC turns more conservative on PDD's earnings outlook after its 3Q results miss, analysts say in a research note. Domestically, increasing consumer subsidies and investment to support merchants and defend GMV market share will likely weigh on its margins, the analysts say. Temu's take rate may also taper in the near term given its priority of developing a semi-consignment model to mitigate potential tariff hike risks, they say. HSBC cuts its 2024-2026 revenue estimates for the company by 2%-6%. HSBC maintains a buy call on PDD but cuts its ADRs target to US$160.00 from US$183.00. They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. PDD's ADRs closed 11% lower at US$104.09.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

November 22, 2024 03:44 ET (08:44 GMT)

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