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!
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.
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.
“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.
Very comprehensive. Not my expertise, but thank you.
Thank You!
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.
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.
“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.