China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Pinduoduo (PDD US): More Thoughts on TEMU

Pinduoduo: Initiation of Coverage – Growth Story & Recent Developments

Raise 2023 Forecasts Due to High Take Rate

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect PDD’s total revenue in C4Q22 to be in line with cons., and non-GAAP net income to beat cons. by 9%.</li>
<li>Faster-Than-Peers user growth, increase in brand product contribution and newly launched marketing program support PDD’s strong GMV trend and high take rate in the near term.</li>
<li>Temu is moving to increase order volume and ASP to improve scale and save logistics cost.</li>
</ul>


We expect PDD’s total revenue in C4Q22 to be in line with cons., and non-GAAP net income to beat cons. by 9%.
Faster-Than-Peers user growth, increase in brand product contribution and newly launched marketing program support PDD’s strong GMV trend and high take rate in the near term.
Temu is moving to increase order volume and ASP to improve scale and save logistics cost.


Pinduoduo(PDD.US) 4Q22 Preview: Expect Moderate Margin Beat

PDD Holdings

Pinduoduo(PDD.US) 4Q22 Preview: Expect Moderate Margin Beat