New Street Research - Dada Nexus Ltd (DADA US) DADA 1Q23 Preview: Trimming 1H Estimates

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New Street Research

Jin Yoon

DADA 1Q23 Preview: Trimming 1H Estimates

What’s New: We nudge down 1H23 rev estimates as overall demand environment has been slower than anticipated partly due to shift in consumer spending towards travel and entertainment. As macro potentially improves coupled with easier comps – rev growth could start to accelerate in 2H.

Analysts:
Jin Yoon

20/04/2023 1 EN

Underlying

Dada Nexus Ltd

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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DADA 4Q23 Results: Near-Term Visibility Limited Amid Ongoing Biz Adjustments

What’s new: As the new management has only been established for less than a month, it would take time for the new team to review each business line and make appropriate adjustments. Hence, visibility could remain limited in the near-term. We maintain our PT at USD2.0 and maintain our NEUTRAL rating. While long-term fundamentals remain intact, it would take time for the stock to gain traction and to win back investors’ trust. Analysts: Jin Yoon

March 27, 2024 March 27, 2024 1 EN

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DADA 3Q23 Results: Business to Remain Resilient in FY24

What's new: Dada Nexus’ reported 3Q revs were largely in-line with consensus estimates. Guidance reflects strong Singles Day performance which is partly offset by the soft demand environment in Oct due to Golden Week holiday and uncertainties heading into the 2H of 4Q. We maintain our PT at USD15 and maintain our BUY rating. Analysts: Jin Yoon

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DADA 1Q23 Preview: Trimming 1H Estimates

DADA 4Q23 Results: Near-Term Visibility Limited Amid Ongoing Biz Adjustments

DADA Findings of Independent Review: Implications to JD.com

DADA 3Q23 Results: Business to Remain Resilient in FY24

NSR Policy: ACP Extension/Reform Gains Traction

LY Corp (Buy, TP: ¥585, +43%) Q4 FY23 Quick Take: Better than expected EBITDA guide and a bullish medium term EPS target; Line & PayPay linkage delayed

SK Telecom (Buy, TP: KRW 116,000, +126%) Q1 24 Quick Take: Decent topline, but some margin pressure as AI investments start to impact

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