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.

Asia Ex-Japan Funds:  Extremes in Positioning & Momentum

Asia Ex-Japan Q1 Performance & Attribution:  Strong Start for Active Managers

Active GEM Funds:  Extremes in Positioning & Momentum

Pinduoduo (PDD US): Pricing in an Imminent Slowdown

Pinduoduo (PDD US): Another Strong Beat Around the Corner

Equity Bottom-Up

<ul>
<li>Concerns around slowdown in growth are behind the disconnect between PDD’s stellar 4Q23 results and lackluster share performance, in our view.</li>
<li>We have seen this before. If history is a guide, its valuation will improve after growth hits bottom in 1Q24.</li>
<li>We expect PDD to deliver 50% plus growth for 2024 and generate US$14 billion adjusted net profit. Reiterate US$240 billion target market cap or 50% upside.</li>
</ul>


Concerns around slowdown in growth are behind the disconnect between PDD’s stellar 4Q23 results and lackluster share performance, in our view.
We have seen this before. If history is a guide, its valuation will improve after growth hits bottom in 1Q24.
We expect PDD to deliver 50% plus growth for 2024 and generate US$14 billion adjusted net profit. Reiterate US$240 billion target market cap or 50% upside.


Pinduoduo (PDD US): Growth Worries Overdone

PDD Holdings

Pinduoduo (PDD US): Growth Worries Overdone