reports
- Jin Yoon
- Jin Yoon
DADA 3Q24 Results: Monetization Could Take Some Time
What’s new: DADA’s reported results that were above consensus and our expectations. Near-term focus could remain on enhancing consumer mindshare and that monetization could take some time to materialize. We lower our PT from USD2.0 to USD1.7 due to lowered outlook. Our updated PT of USD1.7 implies a 0.0x FY25E EV/Revs. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Jin Yoon
DADA 3Q24 Preview: Estimates Remain Intact
What’s New: We maintain our top- and bottom-line estimates for the 2H as overall business could trend in-line with our expectations. We increase our PT from USD1.4 to USD2.0 amid a potential rerating on China stimulus. Our updated PT of USD2.0 implies a 0.06x FY25E EV/Revs. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Jin Yoon
DADA 2Q24 Results: Resiliency in Dada Now to Partly Offset Decline in ...
What’s new: DADA’s reported results that were above consensus and our expectations. Dada Now could remain resilient partly driven by KA. JD Now could be challenging in the near-term as the segment undergoes business adjustments in OMS. We lower our PT from USD2.0 to USD1.4 as JD Now could take time to recover. Our updated PT of USD1.4 implies a -0.07x FY25E EV/Revs. We maintain our NEUTRAL rating. Analysts: Jin Yoon
- Jin Yoon
DADA 2Q24 Preview: Overall Estimates Remain Intact
What’s New: We maintain our top- and bottom-line estimates in 2Q as the slower than expected recovery in ads could be offset by continued market share gains in Dada Now within the KA segment. In this note, we provide the latest updates on the business and margin outlook. Analysts: Jin Yoon
- Jin Yoon
DADA 1Q24 Results: JD Now Could Remain Challenging in the Near Term
What’s new: DADA’s reported revs were above our expectations but below consensus. Dada Now could remain resilient partly driven by KA. JD Now could be challenging in the near-term as the segment undergoes business adjustments in OMS. The lowered free delivery threshold in Feb could also impact delivery revs for JD Now in the next few quarters. 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 tractio...
- Jin Yoon
DADA 4Q23 Results: Near-Term Visibility Limited Amid Ongoing Biz Adjus...
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
- 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 contra...
- Jin Yoon
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
- Jin Yoon
DADA 3Q23 Preview: 4Q Visibility Remains Limited
What’s New: We nudge down our 2H estimates amid slower-than-expected macro recovery. Visibility remains limited as consumers remain cautious in overall spending heading into Singles Day promotion event. In this note, we provide the latest updates on the business and margin outlook. Analysts: Jin Yoon
- Jin Yoon
DADA 2Q23 Results: 2H Outlook Remains Intact
What's new: Dada Nexus’ reported 2Q revs were largely in-line with consensus estimates. Guidance reflects gradual recovery in demand environment as consumption could take time to recover with the lack of direct financial measures from the government. We maintain our PT at USD15 and maintain our BUY rating. Analysts: Jin Yoon
- Jin Yoon
DADA 2Q23 Preview: Lowering Estimates Due to a More Gradual Recovery i...
What’s New: We nudge down 2Q to 4Q rev estimates as overall recovery in demand environment – especially in supermarket category – may not be as robust as we initially anticipated. In this note, we provide the latest updates on the business and margin outlook. Analysts: Jin Yoon
- Jin Yoon
DADA 1Q23 Results: 2H Recovery Could Be Slower Than Anticipated
What's new: Dada Nexus’ reported 1Q revs were largely in-line with consensus and our expectations. Guidance reflects gradual recovery in demand environment as it may take time for consumption to bounce back. We lower our PT from USD20 to USD15 as macro uncertainties could weigh in on 2H recovery. Our revised PT of USD15 implies 1.5x FY24 EV/Revs. We continue to be positive on DADA as fundamentals remain intact. We maintain our BUY rating. Analysts: Jin Yoon
- Jin Yoon
DADA 1Q23 Preview: Trimming 1H Estimates
What’s New: We nudge down 1H23 rev estimates as overall demand environment has been slower than anticipated partly due to shift in consumer spending towards travel and entertainment. As macro potentially improves coupled with easier comps – rev growth could start to accelerate in 2H. Analysts: Jin Yoon
- Jin Yoon
DADA: 4Q22 Results - Gradual Near Term Recovery
What's new: Dada Nexus’ reported 4Q22 revs and 1Q23 guidance came in largely within expectations. Recovery in demand environment could be more gradual in 1H amid near-term macro uncertainties and accelerate in 2H as consumption sentiment potentially improves. We continue to be positive on DADA as long-term fundamentals remain intact. We maintain our BUY rating and PT at USD20. Analysts: Jin Yoon
- Jin Yoon
New Street: DADA 4Q22 Preview - Covid Cases to Impact Delivery
What’s New: We nudge down 4Q revs due to impact from rider shortages in Dec, but up our FY23 top line estimates amid potential recovery in demand environment post-reopening. In this note, we discuss about the latest updates on the business including near-term demand, margin outlook, and recent partnership with Douyin. Analysts: Jin Yoon
- Jin Yoon
New Street: DADA 3Q22 Results - Results Inline with Expectations Despi...
What's new: Dada Nexus reported 3Q22 results and 4Q22 guidance came in largely within expectations. Profitability timeline remains intact and margins could continue to improve driven by contribution from ads coupled with reduction in customer incentives. We continue to be positive on DADA as long-term fundamentals remain intact. We maintain our BUY rating and PT at USD20. Analysts: Jin Yoon
- Jin Yoon
- Jin Yoon
New Street: DADA 2Q22 Results - Despite Macro Concerns Business Remain...
What's new: Dada Nexus reported 2Q22 results and 3Q22 guidance came in largely within expectations. JDDJ direct margin turned positive in 2Q and could continue to improve in 2H driven by increase rev contribution from ads and reduction in customer incentives. We continue to be positive on DADA as long-term fundamentals remain intact. We maintain our BUY rating and PT at USD20. Analysts: Jin Yoon
- Jin Yoon
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