Greater China Equity Long/Short Analyst

Eric Chen

With a blend of sell-side and buy-side perspectives, Eric has covered and researched hundreds of Greater China equities in TMT and consumer spaces - two sectors woven together by the overarching thesis of technology empowering consumption. 

Eric is highly experienced in fundamental equity long short strategy. He seeks to produce differentiated and original research that combines holistic qualitative framework, unique angles and robust modelling. The process helps gain deep insights into critical value drivers misunderstood by the market, which results in mis-priced stocks and hence long/short opportunities.

PDD/Shein/Tiktok: Temu Continues to Experience Rapid Growth, a Summary of Our Recent Channel Checks

The Curious Case of $60M of Bogus US Postage or 'How Can They Can Make Money Exporting $5 Shirts?!'

Monthly Express Tracker | ASPs Down Again | Volume Growth Moderates | J&T Express IPO | (June 2023)

Pinduoduo (PDD US, BUY, TP US$95) Earnings Review: A Long Term Buy Amid Challenges in 2Q23

PDD Holdings (PDD US) – Core Business Delivered Quality Growth

[PDD Holdings Inc. (PDD US, BUY, TP US$95) Earnings Preview]: BUY on Expected Margin Beat

Equity Bottom-Up

<ul>
<li>1Q massive beat was driven by TEMU, higher-than expected take rates and other income, in order of importance. </li>
<li>We remain confident PDD's China online marketplace business will face increasing growth headwinds, but also acknowledge that TEMU has been growing on track with lower-than-expected losses.</li>
<li>Earnings growth from PDD's domestic business will be largely offset by losses incurred by TEMU for 2023. Strong 1Q has not fundamentally changed deceleration trend of full-year bottom-line growth trajectory. </li>
</ul>


1Q massive beat was driven by TEMU, higher-than expected take rates and other income, in order of importance. 
We remain confident PDD's China online marketplace business will face increasing growth headwinds, but also acknowledge that TEMU has been growing on track with lower-than-expected losses.
Earnings growth from PDD's domestic business will be largely offset by losses incurred by TEMU for 2023. Strong 1Q has not fundamentally changed deceleration trend of full-year bottom-line growth trajectory. 


Pinduoduo (PDD US): Deciphering Massive 1Q Beat