New Street Research - Dada Nexus Ltd (DADA US) DADA 3Q23 Preview: 4Q Visibility Remains Limited

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New Street Research

Jin Yoon

DADA 3Q23 Preview: 4Q Visibility Remains Limited

What’s New: We nudge down our 2H estimates amid slower-than-expected macro recovery. Visibility remains limited as consumers remain cautious in overall spending heading into Singles Day promotion event. In this note, we provide the latest updates on the business and margin outlook.

Analysts:
Jin Yoon

19/10/2023 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

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What’s New: DADA announced the results of the previously disclosed independent review regarding certain suspicious practices that were identified during its routine internal audit – which is now substantially completed. In addition to reversing the overstated revenues and associated operations and support costs in 9M23, DADA has prepared a remediation plan including but not limited to 1) disciplinary actions to selected employees including replacing the company’s president; 2) terminating contracts with suppliers and customers that were part of the transactions; 3) enhancement of internal cont...

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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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Jonathan Chaplin

Jonathan Chaplin

SATS 1Q24 Quick Take: Operating trends fine; focus will be on capital raise

Operating results were generally a bit better than expected. The Company appears to be doing what it can to preserve cash. The cash burn was $100MM higher than we expected and $200MM higher than consensus expected. We estimate that the Company has enough cash to get through the next two quarters, but barely.

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DADA 3Q23 Preview: 4Q Visibility Remains Limited

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

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

SATS 1Q24 Quick Take: Operating trends fine; focus will be on capital raise

Uber 1Q24: We see only strengths in the quarter & guide

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