DADA 1Q24 Results: JD Now Could Remain Challenging in the Near Term
What’s new: DADA’s reported revs were above our expectations but below consensus. Dada Now could remain resilient partly driven by KA. JD Now could be challenging in the near-term as the segment undergoes business adjustments in OMS. The lowered free delivery threshold in Feb could also impact delivery revs for JD Now in the next few quarters. 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
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