When the world’s most uncomfortable market gives you an asset-light intelligence engine at 5x free cash flow.
Very comprehensive. Not my expertise, but thank you.
Thank You!
$PDD got so cheap that in 5-years the stock would be trading at 1x cash. Insanely cheap and if mgmt wakes up to buybacks this stock will really start to move and fast.
Hi VMF
You should use:
"Application Layer Intelligence Economy Engine" instead of "Marketplace Intelligence Engine" which you have mentioned in PDD article.
Economy is a deeper than Marketplace in the economy depth and scale horizon .
PDD PT by UBS Group AG:
https://research.ibb.ubs.com/openaccess/compliance/890747601398_1_new.html
.
UBS Group AG, a multinational investment bank and financial services company headquartered in Zurich, Switzerland.
“PDD is not a retailer.
拼多多不是杂货店。
PDD is closer to a marketplace intelligence engine.
拼多多是 市场智能引擎。“
We all agree.
But EPS is trending down quarter by quarter.
On top of that, market P/E is also trending down.
Double kill.
Please re-valuate the base and bear case for 2026 Q1 Mar TTM result.
SBC is added back in OCF (GAAP) statement by default.
Kindly specify if the SBC has been removed from your adjusted FCF.
By the way, NCAVPS is growing positively.
Greatly appreciate the forensic look at the numbers. Some details and model mechanics have to stay beyond the VMF Research subscription.
Very comprehensive. Not my expertise, but thank you.
Thank You!
$PDD got so cheap that in 5-years the stock would be trading at 1x cash. Insanely cheap and if mgmt wakes up to buybacks this stock will really start to move and fast.
Hi VMF
You should use:
"Application Layer Intelligence Economy Engine" instead of "Marketplace Intelligence Engine" which you have mentioned in PDD article.
Economy is a deeper than Marketplace in the economy depth and scale horizon .
PDD PT by UBS Group AG:
https://research.ibb.ubs.com/openaccess/compliance/890747601398_1_new.html
.
UBS Group AG, a multinational investment bank and financial services company headquartered in Zurich, Switzerland.
“PDD is not a retailer.
拼多多不是杂货店。
PDD is closer to a marketplace intelligence engine.
拼多多是 市场智能引擎。“
We all agree.
But EPS is trending down quarter by quarter.
On top of that, market P/E is also trending down.
Double kill.
Please re-valuate the base and bear case for 2026 Q1 Mar TTM result.
SBC is added back in OCF (GAAP) statement by default.
Kindly specify if the SBC has been removed from your adjusted FCF.
By the way, NCAVPS is growing positively.
Greatly appreciate the forensic look at the numbers. Some details and model mechanics have to stay beyond the VMF Research subscription.