New Street Research - Dada Nexus Ltd (DADA US) New Street: DADA 3Q21 Results - Inline Guidance With Continued Uptick in Take Rates

Report

New Street Research

Jin Yoon

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.

Analysts:
Jin Yoon

25/11/2021 7 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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New Street: DADA 3Q21 Results - Inline Guidance With Continued Uptick in Take Rates

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

CHTR: quick thoughts following the call

Altice France (SFR)/Orange/Iliad/Bouygues ARCEP 2023 customer survery results

NSR Policy Quick Take: 2nd Circuit Upholds New York Law Requiring Low-Income Broadband Offering

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