New Street Research - Dada Nexus Ltd (DADA US) DADA: 4Q22 Results - Gradual Near Term Recovery

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New Street Research

Jin Yoon

DADA: 4Q22 Results - Gradual Near Term Recovery

What's new: Dada Nexus’ reported 4Q22 revs and 1Q23 guidance came in largely within expectations. Recovery in demand environment could be more gradual in 1H amid near-term macro uncertainties and accelerate in 2H as consumption sentiment potentially improves. We continue to be positive on DADA as long-term fundamentals remain intact. We maintain our BUY rating and PT at USD20.

Analysts:
Jin Yoon

10/03/2023 1 EN

Underlying

Dada Nexus Ltd

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New Street Research

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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 Findings of Independent Review: Implications to JD.com

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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New Street Research

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

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DADA: 4Q22 Results - Gradual Near Term Recovery

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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