New Street Research - New Street: DADA 1Q21 Results - Guidance Tops Expectations on Strong Demand

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New Street Research

Jin Yoon

New Street: DADA 1Q21 Results - Guidance Tops Expectations on Strong Demand

What's new: Dada Nexus reported 1Q21 revenues came in above consensus and our estimates. 2Q21 top-line guidance was better than expected driven by demand environment in both major business segments – Dada Now and JDDJ. We maintain our PT at USD40 and reiterate our BUY rating.

Analysts:
Jin Yoon

08/06/2021 7 EN

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New Street Research

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Analysts

Jin Yoon

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Jonathan Chaplin

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This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

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Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

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Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

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New Street: DADA 1Q21 Results - Guidance Tops Expectations on Strong Demand

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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