New Street: DADA 4Q21 Results - Outlook Largely Intact
What's new: Dada Nexus reported 4Q21 revenues came in above consensus but below our estimates, while 1Q22 guidance range was largely in-line with expectations. Unit economics for both JDDJ and Dada Now could continue to improve and non-GAAP OPM could reach breakeven by 1H23. Amid recent multiples contraction in the sector, we lower our PT from USD40 to USD20. Our new PT implies 2.6x FY22E EV/Rev. We continue to be positive on DADA as long-term fundamentals remain intact. We maintain our BUY rating.Analysts:
Jin Yoon
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