PDD: Expect PDD Volume Growth Higher Than Expectation And Reasonable S&M In 1Q20

  • Date: May 20, 2020
  • Tags:PDD
  • Industry:E-commerce
  • Partial Report:Name: PDD 1Q20 Preview 05202020.pdf - Size: 0.48M - Free Download
  • PDD: Expect PDD Volume Growth Higher Than Expectation And Reasonable S&M In 1Q20

PDD will report 1Q20 results on May 22nd before the markets open with a 7:30am EST conference call. Based on our data and model, PDD’s total revenue in 1Q20E is likely to be above consensus at RMB4,974M (9.4% Y/Y growth) with a take rate assumption of 2.80%, vs. 2.91% in 4Q19 and 3.01% in 3Q19. We estimate that sales and marketing expense may be in the range of RMB5.0B - RMB 5.2B, as branding and performance-based advertisement spending declined Q/Q but subsidizations are still at a high level.

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