CLSA Adds PDD TP to US$167; 3Q23 Results Beat

CLSA issued a research report saying that PDD continued to beat expectations in 3Q23, with total revenue growing 93.9% YoY to RMB68.8 billion and adjusted net profit increasing 36.8% YoY to RMB17 billion, 13% and 34% above CLSA's expectations, respectively.

In addition, CLSA raised its adjusted net profit forecasts for PDD Holdings Inc. by 10% and 4% for 2023 and 2024 to reflect strong revenue and the earnings beat. CLSA also added its target price to US$167 from US$114, with rating at Buy.