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<Research>UBS' Top Pick in CN E-commerce Is PDD (PDD.US), Followed by JD.com (JD.US)
Recommend 19 Positive 46 Negative 21 |
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Chinese e-commerce merchants noted several key trends among consumers, including lower tier cities outperforming higher tier cities as higher tier cities consumers became more price sensitive, while lower tier cities continued the trend of consumption upgrade and pursuing quality products, UBS issued a research report saying. UBS expected the near-term macroeconomic recovery to remain volatile. Among the Chinese e-commerce sector, UBS preferred PDD Holdings Inc. (PDD.US), followed by JD.com, Inc. (JD.US), Alibaba Group Holding Limited (BABA.US) and Vipshop Holdings Limited (VIPS.US) in descending order. UBS continued to be bullish on PDD due to its lower valuation and its products that are perceived as having a high cost performance ratio among consumers. Although Temu will face geopolitical risks in 2H24, PDD's share price tumbled a total of 22% YTD, which is believed to have priced in the uncertainty. UBS' latest ratings and target prices on Chinese e-commerce stocks are summarized below: Stock｜ Rating｜ TP Alibaba (BABA.US)｜Buy｜US$105 JD.com (JD.US)｜Buy｜US$37 PDD (PDD.US)｜Buy｜US$217 Vipshop (VIPS.US)｜Buy｜US$23 AAStocks Financial News |
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