HSBC Turns More Conservative on PDD's Earnings Outlook -- Market Talk

Dow Jones

2024-11-22

0843 GMT - HSBC turns more conservative on PDD's earnings outlook after its 3Q results miss, analysts say in a research note. Domestically, increasing consumer subsidies and investment to support merchants and defend GMV market share will likely weigh on its margins, the analysts say. Temu's take rate may also taper in the near term given its priority of developing a semi-consignment model to mitigate potential tariff hike risks, they say. HSBC cuts its 2024-2026 revenue estimates for the company by 2%-6%. HSBC maintains a buy call on PDD but cuts its ADRs target to US$160.00 from US$183.00. They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. PDD's ADRs closed 11% lower at US$104.09.(sherry.qin@wsj.com)

(END) Dow Jones Newswires

November 22, 2024 03:44 ET (08:44 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Domestically, increasing consumer subsidies and investment to support merchants and defend GMV market share will likely weigh on its margins, the analysts say. Temu's take rate may also taper in the near term given its priority of developing a semi-consignment model to mitigate potential tariff hike risks, they say. HSBC cuts its 2024-2026 revenue estimates for the company by 2%-6%. HSBC maintains a buy call on PDD but cuts its ADRs target to US$160.00 from US$183.00. They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. PDD's ADRs closed 11% lower at US$104.09.(sherry.qin@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 22, 2024 03:44 ET (08:44 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>HSBC Turns More Conservative on PDD's Earnings Outlook -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHSBC Turns More Conservative on PDD's Earnings Outlook -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2024-11-22 16:44</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0843 GMT - HSBC turns more conservative on PDD's earnings outlook after its 3Q results miss, analysts say in a research note. Domestically, increasing consumer subsidies and investment to support merchants and defend GMV market share will likely weigh on its margins, the analysts say. Temu's take rate may also taper in the near term given its priority of developing a semi-consignment model to mitigate potential tariff hike risks, they say. HSBC cuts its 2024-2026 revenue estimates for the company by 2%-6%. HSBC maintains a buy call on PDD but cuts its ADRs target to US$160.00 from US$183.00. They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. PDD's ADRs closed 11% lower at US$104.09.(sherry.qin@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 22, 2024 03:44 ET (08:44 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HSBC","symbol_name":"滙豐","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2485235115","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485235115","pubTimestamp":1732265040,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0843 GMT - HSBC turns more conservative on PDD's earnings outlook after its 3Q results miss, analysts say in a research note. Domestically, increasing consumer subsidies and investment to support merchants and defend GMV market share will likely weigh on its margins, the analysts say. Temu's take rate may also taper in the near term given its priority of developing a semi-consignment model to mitigate potential tariff hike risks, they say. HSBC cuts its 2024-2026 revenue estimates for the company by 2%-6%. HSBC maintains a buy call on PDD but cuts its ADRs target to US$160.00 from US$183.00. They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. 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They reckon the stock may lack catalysts to re-rate in the near term as investors await better visibility on the growth outlook. PDD's ADRs closed 11% lower at US$104.09.(sherry.qin@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 22, 2024 03:44 ET (08:44 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0}}}