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

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...

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

Mitratel (Buy, TP: IDR1,135, +94%) Q1 24: Solid quarter

Mitratel reported a solid start to the year. Top line trends decelerated (last year’s Indosat towers acquisition has lapped) but remain solid.

Elisa (Neutral, TP: €54, +27%) Q1 24: EBITDA growth better than SR growth, but B2B EBITDA still negative y/y

Elisa reported good results, with stable service revenue growth (+3% YoY) but importantly an acceleration in clean EBITDA (to +6% y/y from +4% y/y in Q4). EBITDA growth was better than SR growth for the first time since Q3 2021. This is what the market wanted to see, as concerns have been around operational leverage;

Mobileye pre 1Q24 model update