Glonghui, May 24 | Morgan Stanley released a report stating that Pinduoduo's strong performance in the first quarter reflects further improvements in the commission rate of local platforms. The overseas platform Temu has potential for balance of payments. It is believed that Pinduoduo is currently undervalued and raised its target price from $181 to $220, and the rating is “increased.” The bank expects Pinduoduo's total local commodity transaction volume (GMV) to increase 17% year-on-year in the second quarter, and the commission rate will increase aggressively, which will support a 38% year-on-year increase in core online marketing service revenue, improve operating leverage, and drive local operating profit to reach US$5 billion; Temu's total commodity transactions are estimated to be US$91 billion; overall revenue is expected to rise 93% year-on-year, and non-GAAP net profit will reach 31 billion yuan.