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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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What to Expect From PDD Holdings’ Q3 Earnings Report

Key Takeaway: PDD Holdings (NASDAQ) will release its Q3 2024 earnings on November 21, 2024, before markets open. Analysts forecast strong revenue and earnings growth, driven by its e-commerce business and the success of the Temu platform.

Consensus Estimates:

  • Revenue: Projected at 103.70 billion CNY, up 50.64% year-over-year (YoY).
  • Earnings Per Share (EPS): Estimated at 19.77 CNY, a rise of 86.47% YoY.

Key Drivers of Growth:

  1. E-Commerce Momentum:

    • PDD’s innovative group-buying model and integration with social media have gained traction.
    • Online marketing services revenue: Expected to grow 23.78% YoY to 49.12 billion CNY.
    • Transaction services revenue: Forecasted to rise 81.84% YoY to 53.01 billion CNY.

  2. Temu Platform Strength:

    • Temu sales: Estimated at $54 billion for 2024, up from $15.33 billion in 2023.
    • Global Expansion: Temu’s rapid growth diversifies PDD’s revenue streams, reducing reliance on the Chinese market.

  3. Investor Confidence:

    • David Tepper’s Appaloosa Management increased its PDD holdings by 3.36 million shares in Q3.
    • Freemont Capital raised its stake by 23.8%, and Vanguard Group expanded its position to 24.26 million shares.

Options Market Insights:

  • Volatility Trends:
    • PDD’s earnings reactions have been more volatile than market predictions, with actual moves averaging 14.4% versus the expected ±11.7% over the last 13 quarters.
    • Bullish Sentiment: A lower 25-Delta Put-Call Spread suggests stronger demand for upside calls than downside puts.

Challenges and Stock Performance:

  • PDD’s stock has declined 22% year-to-date, lagging behind broader indices.
  • Despite this, analysts are optimistic about its long-term growth potential, supported by its expanding e-commerce ecosystem and Temu's international success.
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