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        G Sachs Hikes PDD TP to US$176; Temu Key Surprise

        Goldman Sachs wrote in a report that the 3Q results of $PDD Holdings(PDD.US)$ have beaten market expectations, with the main surprise being a 315% YoY jump in transaction services revenue, well above the 175% growth ceiling expected by the market, believed to be due to increased economies of scale from its cross-border e-commerce platform Temu. Online promotion revenue also grew 39% YoY, better than market expectations.

        Goldman raised its revenue forecasts for PDD for 2023/24/25 by 10%, 11% and 10% respectively, and its adjusted operating profit forecasts by 22%, 14% and 24% respectively. The broker also expected Temu to be profitable in 2025, earlier than its previous estimate of 2026.
        Goldman raised its base case valuation of Temu to US$65 billion from US$37 billion. It also elevated the target price on $PDD Holdings(PDD.US)$ from US$155 to US$176, and rated the company Buy.
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