In today’s briefing:
- Raise 2023 Forecasts Due to High Take Rate
Raise 2023 Forecasts Due to High Take Rate
- There has been debate: 1) why PDD’s take rate can be higher than BABA, 2) how to justify PDD’s long term margin, 3) will PDD be able to beat cons.
- We suggest that the key driver of PDD’s outperformance in recent quarters has been the weak macro environment.
- We raise our 2023 forecasts of total revenue and non-GAAP net income by 4% and 19%, more than consensus by 8% and 7% respectively.
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