New Street Research - Dada Nexus Ltd (DADA US) DADA 1Q23 Results: 2H Recovery Could Be Slower Than Anticipated

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New Street Research

Jin Yoon

DADA 1Q23 Results: 2H Recovery Could Be Slower Than Anticipated

What's new: Dada Nexus’ reported 1Q revs were largely in-line with consensus and our expectations. Guidance reflects gradual recovery in demand environment as it may take time for consumption to bounce back. We lower our PT from USD20 to USD15 as macro uncertainties could weigh in on 2H recovery. Our revised PT of USD15 implies 1.5x FY24 EV/Revs. We continue to be positive on DADA as fundamentals remain intact. We maintain our BUY rating.

Analysts:
Jin Yoon

12/05/2023 1 EN

Underlying

Dada Nexus Ltd

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Analysts

Jin Yoon

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DADA 1Q23 Results: 2H Recovery Could Be Slower Than Anticipated

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

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

EchoStar: Quick thoughts following the call

CPUs in 1Q24: Node parity in notebooks leads to stable market shares. Intel not there yet in desktop & servers.

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