Earnings Previews: Bilibili, Pinduoduo

Bilibili is not expected to post a profit in 2022, 2023, or 2024. The enterprise value to sales multiple for 2022 is 1.4. For 2023 and 2024, the multiple is 1.1 and 0.9, respectively. The stock’s 52-week range is $8.23 to $69.88. Bilibili does not pay a dividend. Total shareholder return for the past year is negative 81.7%.


Pinduoduo Inc. (NASDAQ: PDD) focuses on an e-commerce marketplace that matches China’s farmers and agricultural product wholesalers directly with the country’s consumers. Like other tech companies, Pinduoduo has taken a beating over the past 12 months, but since late August, the stock has cut its loss from 40% to about 16%. In mid-March, the stock was down nearly 98% from its 52-week high. Shortly after reporting earnings in August, the company launched a U.S. e-commerce site called Temu. The site quickly became the top shopping app in Apple’s U.S. App Store, and earlier this month, the app was the top free app overall. Temu’s free shopping app is also the top Android app. Pinduoduo is scheduled to report results before U.S. markets open Monday morning.

There are 38 analysts covering the stock, and 34 of those have given the shares a Buy or Strong Buy rating. The other 4 rate the stock a Hold. At a current price of around $66.70, the upside potential based on a median price target of $84.11 is about 26.1%. At the high price target of $112.52, the upside potential is 68.7%.

Analysts are expecting fiscal 2022 second-quarter revenue of $4.3 billion, down 8.3% sequentially and up 29.1% year over year. Adjusted EPS is forecast at $0.74, down 34.6% sequentially and up almost 118% year over year. For the full 2022 fiscal year, Pinduoduo is forecast to post EPS of $3.13, up 108%, on sales of $17.27 billion, up 16.8%.

Pinduoduo shares trade at a multiple of 21.3 times expected 2022 EPS, 18.8 times estimated 2023 earnings of $3.55, and 14.7 times estimated 2024 earnings of $4.55 per share. The stock’s 52-week range is $23.21 to $74.84. The company does not pay a dividend, and the total shareholder return for the past year was negative 18%.

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