In today’s briefing:
- [PDD Holdings (PDD US, BUY, TP US$165) TP Change]: PDD and Temu Growth Tailwinds Will Continue
- A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”
[PDD Holdings (PDD US, BUY, TP US$165) TP Change]: PDD and Temu Growth Tailwinds Will Continue
- PDD reported C3Q23 top-line, non-GAAP EBIT, and GAAP net profit 9%, (4%) and in-line vs. our estimate, and 28%, 29%, and 42%, vs. consensus respectively.
- We estimate that Temu reached positive gross profit for the first time in 3Q, one quarter ahead of our prior estimate.
- We believe increased prices on its US platform was the main driver, while it was able to maintain supply prices.
A Company in Japan Confirms That “Companies that Take Care of Sexual Minorities Are More Profitable”
- Many LGBTQ have been harassed during their job search, and while hiring managers are under-prepared, Monogatari Corporation is one of the few companies that is committed to LGBTQ human rights.
- Monogatari Corporation believes that the diversity of individuals is the foundation for creating value, and that a series of individual differentiation enhances the company’s competitive advantage as a major differentiation.
- Monogatari Corporation’s high profit margins and sustained growth give hope that the hypothesis that “companies that care about sexual minorities are more profitable” may be supported.
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