0755 GMT - PDD Holdings will likely continue to focus more on long-term growth at expense of short-to-medium profitability, DBS says in a research note. PDD's revenue growth slowed further sequentially in 4Q due to intensified competition and ongoing external challenges, DBS says. Its 4Q transaction-services revenue growth was 19% below market expectations, likely due to lower take rates and fierce competition, it says. DBS thinks PDD's 2025 adjusted earnings growth could decelerate to high-single digit percentage as the Chinese e-commerce company will continue to lower its take rate to gain market share. DBS maintains a hold rating on PDD while the target price is under review. PDD's ADR last ended at US$130.92. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
March 21, 2025 03:55 ET (07:55 GMT)
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