Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, June 3rd:PDD Holdings Inc. (PDD) : This e-commerce company that operates Pinduoduo has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 43.8% over the last 60 days.PDD’s shares gained 22.7% over the last three months compared with the S&P 500’s advance of 3.6%. The company possesses a Momentum Score of A.MS&AD Insurance Group Holdings, Inc. (MSADY) : Thi ...

PDD Holdings Inc. (PDD) closed the last trading session at $149.78, gaining 6.9% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $192.87 indicates a 28.8% upside potential.The average comprises 15 short-term price targets ranging from a low of $111 to a high of $272, with a standard deviation of $46.34. While the lowest estimate indicates a decline of 25.9% from the current price l ...

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **$211.80**, representing a **41% upside** from the current price of **$149.72** [2][3] Core Views - The domestic business is in a positive cycle, with strong growth in online retail and e-commerce sales in Q1, driven by low-price positioning and efficient operations [1] - The overseas business, particularly Temu, continues to grow, with global sales increasing sequentially and significant progress in reducing losses [9] - The company's advertising efficiency gives it an advantage over competitors, and the competitive landscape in the grocery business is easing, driving both average order value and profitability [1] Financial Performance - Revenue for 2024-2026 is forecasted to reach **4,582/6,221/7,681 billion yuan**, with operating profits of **1,352/1,856/2,334 billion yuan** [2] - Non-GAAP EPS for 2024-2026 is projected at **96.2/131.8/165.3 yuan per ADS** [2] - Q1 2024 revenue reached **868.12 billion yuan**, a **131% YoY increase**, with online marketing services contributing **424.56 billion yuan** (+56% YoY) and transaction services contributing **443.56 billion yuan** (+327% YoY) [36] - Operating profit for Q1 2024 was **259.75 billion yuan**, a **275% YoY increase**, with an operating margin of **29.9%** and an adjusted operating margin of **32.9%** [36] - Net profit for Q1 2024 was **279.98 billion yuan**, a **246% YoY increase**, with a net margin of **32.3%** [36] Operational Highlights - The company's cash, cash equivalents, and short-term investments stood at **2,421 billion yuan** at the end of Q1 2024, with **555.92 billion yuan** in cash and equivalents [36] - Operating cash flow for Q1 2024 was **210.67 billion yuan** [36] - Marketing expenses in Q1 2024 were **234.11 billion yuan**, accounting for **27.0%** of revenue, marking a decline for the fifth consecutive quarter [36] - R&D expenses in Q1 2024 were **29.10 billion yuan**, a **16% YoY increase**, accounting for **3.4%** of revenue [36] Industry and Competitive Position - The domestic e-commerce industry remains challenging due to intense competition and market saturation, but the company maintains a leading position in its core business [1] - The overseas business, particularly Temu, is showing strong growth, with efforts to optimize logistics and reduce costs, including increasing the proportion of sea freight [9] Valuation and Forecasts - The company's enterprise value is estimated at **3,034.806 billion yuan**, with a market capitalization of **3,152.170 billion yuan** [29] - The target price of **$211.80** is based on a **20% discount rate** and reflects strong growth prospects in both domestic and international markets [29]

价格力成为第一优先级。 文丨 高洪浩 孙海宁 编辑丨宋玮 经过多年超高速扩张后，抖音电商也归于平稳增长。 据了解，抖音电商在 2024 年一季度的销售额超过了 7000 亿元，同比增长超 50%。其中，一、二月 累计同比增速超 60%（考虑到有春节假期，一般合并统计），三月同比增速则下滑到 40% 以下。 三月增速下降主要原因是消费大环境，以及今年开春时间比较晚，许多主播还在放假未开播。延续 到四月，同比增速与三月区别不大。2023 年，抖音电商的销售额单月增速基本维持在 50%-70% 之 间。 抖音电商还在今年调整了目标优先级，价格力成为第一，之后是完美订单率、月支付用户数量。完 美订单率用于衡量用户体验；而月支付用户数量体现消费者将抖音当作电商平台使用的心智，销售 额则排在末位。 理论上，低价策略能带来更多订单，以价换量，但如果价格先压下去，而消费者还没被吸引来，那么 一段时间内平台销售额增速将受到影响。 抖音电商销售额已达 2.6 万亿元，维持上述增速已经不易。去年刚突破万亿关口的快手电商，2024 年 一季度的销售额增速为 28%。据我们了解，淘宝在今年一季的交易总额增长率在 10% 左右。拼多多的 ...

中国教培在美国找到新市场 据市调机构 Sensor Tower，本月两款 AI 教培应用 Gauth 和 Question AI 都曾登顶过 App Store 美国教 育类免费榜（今日排名分别为第五和第六）。二者上个月的全球下载量（iOS 和 Android 合计）均为 约 170 万次，相当于热门 AI 应用 Gemini、Perplexity 的两倍多（Gemini 只统计了 Android 下载 量）。 中国教培在美国找到新市场 日本连续 33 年成全球最大债权国 拼多多继续对农业下重注 看起来总出错的 Google 关注《晚点财经》并设为星标，第一时间获取每日商业精华。 Gauth 由字节跳动于 2019 年发布，字节目前仍在官网招聘 Gauth 美国市场的运营人员，年薪 8.4 万至 18 万美元；Question AI 则由作业帮开发，上线仅一年。为了规避海外监管和数据隐私风险，两款应 用的发布实体总部都位于新加坡。 相较于人类老师，AI 助手虽然仍不可避免地会产生 "幻觉"，不懂装懂并输出错误答案，但胜在耐 心、讲解详细、响应及时，以及便宜。在美国充一年会员的费用可能和请一小时家教价格差不多。 ...

Chinese e-commerce giant Pinduoduo has been behind its rivals Alibaba and JD.com when it comes to international expansion. Now Pinduoduo has launched a U.S. e-commerce site called Temu.PDD's value-for-money positioning and growth of its Temu marketplace has helped the tech giant lead China's e-commerce arena, analysts said, making it the country's most valuable company in the segment.PDD Holdings reported stellar first-quarter results on Wednesday, sending its shares surging as much as 7.5%, and driving its ...

Investment Rating - The report does not explicitly mention an investment rating for Pinduoduo (PDD US) [7] Core Views - Pinduoduo is expected to report strong Q1 2024 results with total revenue of RMB 76 4 billion, up 103% YoY [7] - Online marketing revenue is projected at RMB 37 5 billion, up 38% YoY, while transaction service revenue is expected to reach RMB 39 0 billion, up 275% YoY [7] - Operating expenses are forecasted at RMB 30 5 billion, up 56% YoY, with a cost ratio of 40% [7] - Operating profit is anticipated to be RMB 12 8 billion, up 85% YoY, with a profit margin of 16 7% [7] - Non GAAP operating profit is estimated at RMB 14 9 billion, up 76% YoY, with a profit margin of 19 5% [7] - Diluted EPS is projected at RMB 2 25, with ADS earnings of RMB 8 75 [7] Business Segments - Pinduoduo s main platform is expected to maintain a leading growth rate compared to peers, partly due to a low base in Q1 2023 [7] - Duoduo Maicai achieved profitability in Q1, driven by both average order value and profit margins [7] - Temu s global GMV continued to grow sequentially in Q1, with semi hosted services launched in mid March showing progress [7] - Overseas business costs are primarily driven by logistics and marketing expenses, with fulfillment costs increasing sequentially in Q1 [7] - Marketing expenses are expected to be controlled, as the company paused US market spending after the Super Bowl in February [7]

Investment Rating - The investment rating for the company is "Buy" with a target price raised to $213.00, indicating a potential upside of 44.8% from the current price of $147.09 [3][12]. Core Insights - The company's main platform continues to outperform expectations in monetization and TEMU's losses are narrowing. The first quarter of 2024 saw a revenue increase of 131% year-on-year to 86.8 billion RMB, exceeding market expectations by 22% and 13% respectively. Advertising and commission revenues grew by 56% and 327% [1][2]. - The company is expected to maintain a strong growth trajectory, with projected GMV growth of over 30% for the domestic platform and a 200%+ increase in TEMU's GMV, reaching $50 billion in 2024 [2][6]. - The valuation has been adjusted upwards, with total revenue and profit estimates for 2024 increased by 7% and 24% respectively, forecasting a 91% revenue growth and a 100% profit growth for the year [2][6]. Financial Overview - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of 424.8 billion RMB, a 71.5% increase year-on-year, with net profit expected to reach 127.6 billion RMB, reflecting an 85.4% growth [6][17]. - The company's adjusted net profit margin is anticipated to improve, with adjusted net profit margins projected at 35% for Q1 2024 [7][9]. - The company's market capitalization stands at approximately $195.4 billion, with a 52-week high of $151.33 and a low of $60.02 [5][17]. Performance Metrics - The company has demonstrated significant operational leverage, with adjusted net profit for Q1 2024 increasing by 202% year-on-year to 30.6 billion RMB, significantly surpassing market expectations [1][7]. - The gross margin for Q1 2024 is reported at 62%, with an adjusted operating profit margin of 33% [7][9]. - The company's PEG ratio for its core e-commerce business is only 0.2, indicating a strong competitive advantage and potential for continued high profit growth [2][6].

Investment Rating - The report maintains a "Buy" rating for Pinduoduo (PDD US) with a target price of 186 USD for 2024 [14][16] Core Views - Pinduoduo's Q1 revenue and profit significantly exceeded expectations, driven by strong performance in both its main platform and Temu [1][30] - Revenue for Q1 reached 86 8 billion RMB, up 131% YoY, surpassing Bloomberg consensus estimates of 76 9 billion RMB [30] - Online marketing service revenue grew 56% YoY to 42 5 billion RMB, while commission income surged 327% YoY to 44 4 billion RMB, surpassing expectations [30] - Adjusted net profit for Q1 was 30 6 billion RMB, up 202% YoY, far exceeding the expected 15 5 billion RMB [30] - The company's gross margin was 62 3%, down 8 1 percentage points YoY but up 1 8 percentage points QoQ [30] - Sales and marketing expense ratio, general and administrative expense ratio, and R&D expense ratio improved significantly, dropping by 16 2, 0 1, and 3 3 percentage points YoY respectively [30] Business Performance - Pinduoduo's main platform continues to benefit from high monetization rates, driven by strong bargaining power with white-label merchants and a focus on low-cost advantages [30] - Temu's innovative fully-hosted and semi-hosted models have significantly reduced costs for domestic merchants going global, boosting GMV and average order value [30] - Temu has expanded to over 50 countries and regions across Asia, Europe, North America, South America, and Oceania [30] - The company's online marketing and commission income both exceeded expectations, with commission income surpassing online marketing for the first time, largely driven by Temu's rapid growth [30][34] Financial Projections - Revenue forecasts for FY2024E, FY2025E, and FY2026E have been revised upward to 4,020, 5,130, and 6,283 billion RMB respectively, representing YoY growth of 62%, 28%, and 22% [25][30] - Adjusted net profit for the same periods is projected to be 962, 1,307, and 1,653 billion RMB, with YoY growth of 42%, 36%, and 26% [25][30] - The company's operating profit surged 275% YoY, with the operating margin improving to 29 9% [8] - Adjusted net profit margin increased to 35 3%, up 202% YoY [8] Valuation - The report uses a SOTP valuation method, comparing Pinduoduo to leading global online retail and online marketing companies [14] - The target price of 186 USD for 2024 is based on this valuation approach [14]

Core Viewpoint - Pinduoduo (PDD) has demonstrated remarkable growth, with a significant increase in revenue and net income, positioning itself as a strong competitor in the Chinese e-commerce market [1][3]. Group 1: Financial Performance - PDD's revenue for Q1 2023 reached 86.81 billion yuan ($12.02 billion), marking a 131% year-over-year increase and surpassing analysts' expectations by $1.44 billion [1]. - Adjusted earnings per ADS surged 199% to $2.83, exceeding consensus forecasts by $1.40 [1]. - From 2019 to 2023, PDD's revenue grew at a compound annual growth rate (CAGR) of 69%, with net income increasing nearly eightfold from 2021 to 2023 [3][6]. - In Q1 2024, PDD's revenue growth was 131%, with operating margins expanding to 30% and net income growth at 246% year-over-year [5]. Group 2: Market Position and Strategy - PDD is the third-largest e-commerce company in China, leveraging a discount marketplace strategy that attracted hundreds of millions of shoppers, particularly in lower-tier cities [2]. - The company has successfully built an online agricultural marketplace, connecting farmers directly with consumers, and expanded internationally with Temu, a cross-border e-commerce platform [2]. - PDD's revenue growth has outpaced competitors, with PDD's revenue soaring 90% in 2023 compared to Alibaba's 5% and JD's 4% [6]. Group 3: Future Outlook - Analysts project that from 2023 to 2026, PDD's revenue and net income will continue to grow at a CAGR of approximately 33% [6]. - PDD trades at 13 times forward earnings and less than four times this year's sales, indicating a potentially undervalued position relative to its growth prospects [6]. - Despite recent successes, PDD faces increased competition and potential regulatory challenges, particularly for its international operations [7].