New Street: DADA 3Q21 Results - Inline Guidance With Continued Uptick in Take Rates

What's new: Dada Nexus reported 3Q21 revenues came in above consensus and our estimates, while 4Q21 guidance range was largely inline with expectations. JDDJ revs is expected to accelerate in 4Q driven by promotional seasonality, and direct margins could turn positive by next year driven by better efficiency in customer incentives and operating leverage. We maintain our PT at USD40 and reiterate our BUY rating.

Jin Yoon
New Street Research
New Street Research

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Jin Yoon

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