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

Infineon 2FQ24: Autos slowing, in line with our thesis. Buy, €50 TP

Match Group (MTCH, Buy, $55 target) Tinder Trough Deepens as Buybacks Expand

What’s New: In this first take following tonight’s results, we touch on: 1. 1Q24 roughly in-line, but 2Q24 and 2024 guidance lower 2. Tinder trough deepens, but still on track for 3Q24 sequential payer growth 3. Hinge growth in line with guidance: RPP better than expected, payers a little light 4. Adjusted OI margins solid, but higher GAAP items called out 5. Share buyback target moved to 75% of FCF from prior 50% target

Reddit (RDDT, Hold, $54 target) First Take: DAUq Growth & Margins Highlight Stellar First Quarter

What’s New: In this first take following tonight’s results, we touch on: 1. 1Q24 tops our Street-high estimates, 2Q a little light vs NSR but above consensus. 2. DAUq growth exceeds even our lofty expectations. 3. Ad revenue likely decelerates slightly in 2Q, but roadmap remains robust. 4. No OpenAI data licensing deal announced, but more color on the emerging business roadmap. 5. While user and revenue growth get most attention, margins were very impressive.