WallStSmart

D-MARKET Electronic Services & Trading ADR (HEPS)vsPDD Holdings Inc. (PDD)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

PDD Holdings Inc. generates 607% more annual revenue ($442.40B vs $62.56B). PDD leads profitability with a 21.6% profit margin vs -7.0%. PDD earns a higher WallStSmart Score of 76/100 (B+).

HEPS

Avoid

33

out of 100

Grade: F

Growth: 8.0Profit: 2.5Value: 5.0Quality: 3.0
Piotroski: 3/9Altman Z: 0.93

PDD

Strong Buy

76

out of 100

Grade: B+

Growth: 6.0Profit: 8.0Value: 9.3Quality: 8.0
Piotroski: 2/9Altman Z: 3.69
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

Intrinsic value data unavailable for HEPS.

PDDUndervalued (+70.6%)

Margin of Safety

+70.6%

Fair Value

$363.48

Current Price

$85.07

$278.41 discount

UndervaluedFair: $363.48Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

HEPS2 strengths · Avg: 10.0/10
Price/BookValuation
1.0x10/10

Reasonable price relative to book value

Revenue GrowthGrowth
60.8%10/10

Revenue surging 60.8% year-over-year

PDD6 strengths · Avg: 9.7/10
P/E RatioValuation
8.6x10/10

Attractively priced relative to earnings

Debt/EquityHealth
0.0110/10

Conservative balance sheet, low leverage

Free Cash FlowQuality
$24.12B10/10

Generating 24.1B in free cash flow

Altman Z-ScoreHealth
3.6910/10

Safe zone — low bankruptcy risk

Market CapQuality
$116.09B9/10

Large-cap with strong market position

Return on EquityProfitability
22.9%9/10

Every $100 of equity generates 23 in profit

Areas to Watch

HEPS4 concerns · Avg: 3.3/10
EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$939.50M3/10

Smaller company, higher risk/reward

Operating MarginProfitability
0.0%3/10

Operating margin of 0.0%

Debt/EquityHealth
1.863/10

Elevated debt levels

PDD2 concerns · Avg: 2.5/10
Piotroski F-ScoreQuality
2/93/10

Weak financial health signals

EPS GrowthGrowth
-14.9%2/10

Earnings declined 14.9%

Comparative Analysis Report

WallStSmart Research

Bull Case : HEPS

The strongest argument for HEPS centers on Price/Book, Revenue Growth. Revenue growth of 60.8% demonstrates continued momentum.

Bull Case : PDD

The strongest argument for PDD centers on P/E Ratio, Debt/Equity, Free Cash Flow. Profitability is solid with margins at 21.6% and operating margin at 18.4%. Revenue growth of 11.0% demonstrates continued momentum.

Bear Case : HEPS

The primary concerns for HEPS are EPS Growth, Market Cap, Operating Margin. Debt-to-equity of 1.86 is elevated, increasing financial risk.

Bear Case : PDD

The primary concerns for PDD are Piotroski F-Score, EPS Growth.

Key Dynamics to Monitor

HEPS profiles as a hypergrowth stock while PDD is a mature play — different risk/reward profiles.

HEPS carries more volatility with a beta of 2.10 — expect wider price swings.

HEPS is growing revenue faster at 60.8% — sustainability is the question.

PDD generates stronger free cash flow (24.1B), providing more financial flexibility.

Bottom Line

PDD scores higher overall (76/100 vs 33/100), backed by strong 21.6% margins and 11.0% revenue growth. Both earn "Strong Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

D-MARKET Electronic Services & Trading ADR

CONSUMER CYCLICAL · INTERNET RETAIL · USA

D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi operates an e-commerce platform. The company is headquartered in Istanbul, Turkey.

PDD Holdings Inc.

CONSUMER CYCLICAL · INTERNET RETAIL · China

Pinduoduo Inc., operates an electronic commerce platform in the People's Republic of China. The company is headquartered in Shanghai, the People's Republic of China.

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