DaDa Group (DADA.US) – Note 5 (Rev. Recognition Change)

[March 19th, 2021] In note 4, I was concerned about the noises that accounting change will introduce. There’s no impact on profit dollar but still it will introduce noises. I expect to feel the impact first from the guidance of 2Q21 when the company reports 1Q21 results. Not sure if we will see a before-after … Continue reading DaDa Group (DADA.US) – Note 5 (Rev. Recognition Change)

Tuya Smart (TUYA.US) – Note 0

I think Tuya's IoT Cloud is very interesting and might try to do some visualization. This note is for preparation purpose. [March 19th, 2021] Tuya Smart is a leading global IoT Cloud Platform that connects the intelligent needs of consumers, manufacturers, brands, OEMs, and retail chains. The platform provides developers with a one-stop IoT PaaS-level … Continue reading Tuya Smart (TUYA.US) – Note 0

DaDa Group (DADA.US) – Note 4 (4Q20 Charts)

[March 12th, 2021] One of my concern in 4Q20 is the decreased contribution margin (%) due to rising operations and support costs probably driven by competition. I believe the change of accounting treatment on last-mile delivery service provided to JD Logistics will have "some" impact on topline (-) and contribution margin (+). There's no impact … Continue reading DaDa Group (DADA.US) – Note 4 (4Q20 Charts)

JD Logistics – Note 1 (pre-hearing thoughts)

[March 11th, 2021] JD Logistics expects to list in Hong Kong. Some initial thoughts after skimming its prospectus. The characteristics of the business Heavy upfront/on-going investment in PP&E for logistics network and operating assets (a real asset & operation play)On-going investment in R&D for operating efficiency and capability (tech-driven) Labor intensive which might be a … Continue reading JD Logistics – Note 1 (pre-hearing thoughts)

DaDa Group (DADA.US) – Note 3 (4Q20ER)

[March 10th, 2021] DaDa reported 4Q20 results and held earnings call yesterday. Review of my projection DaDa Now There's link error in my growth driver cell of TTM Orders Delivered (M)Monetization for Ordered Delivered was better than expectation. Trajectory can be revised upward. JDDJ The traction of TTM Active Consumers looks fine. I was too … Continue reading DaDa Group (DADA.US) – Note 3 (4Q20ER)

17 Edu & Tech (YQ.US) – Note (4Q20ER)

[March 9th, 2021] YQ reported 4Q20 results. Line items & margins Topline was inline with my guessGross margin showed some economics of scale compared to last quarter but it only had marginal improvement from last year. The reason is that services provided by instructors and tutors are not scalable as codes or digital content.S&M exp. … Continue reading 17 Edu & Tech (YQ.US) – Note (4Q20ER)

AUO (2409.TW / AUOTY.US) – Tracking (post-Feb21 Sales)

[March 9th, 2021] AUO Feb. 2021- Sales: NTD 25.6B, -3.8% MoM, +44.7% YoY - Total shipment: 2.009M square meter, -5.2% MoM Feb sales was better than I expected. While the sales was affected by less working day during lunar new year, it seemed elevated pricing environment mitigated the impact of seasonality. AUO changed its monthly … Continue reading AUO (2409.TW / AUOTY.US) – Tracking (post-Feb21 Sales)

AUO (2409.TW / AUOTY.US) – Tracking (pre-Feb21 Sales)

[March 8th, 2021] This is a tracking exercise. The TFT-LCD or display business has been lousy for many years. It has been cyclical and driven by demand-supply dynamics. The management is optimistic about the future believing there's an industry-level structural change. Few factors contribute to that idea including more demand from various verticals (behavior change … Continue reading AUO (2409.TW / AUOTY.US) – Tracking (pre-Feb21 Sales)

17 Edu & Tech (YQ.US) – Note (pre-4Q20ER guess)

[March 8th, 2021] This is an exercise on guessing (no research on underlying) the 4Q20 result of 17 Education & Technology Group (YQ.US). The information is based on F-1 where the company disclosed their unaudited financial data of October 2019 and October 2020 (page 7). I think it's because the online education market in China … Continue reading 17 Edu & Tech (YQ.US) – Note (pre-4Q20ER guess)

Coupang (CPNG.US) – Note 1

[March 6, 2021] Some thoughts after skimming through S1 and The Generalist's briefing (Coupang: The Art of Obsession) * * * Coupang is a consumer internet company expanding verticals and gaining consumer's wallet share in South Korea. Coupang currently has 1P & 3P e-commerce business (with in-house logistics capacity), grocery offering, food delivery and digital … Continue reading Coupang (CPNG.US) – Note 1

Roblox – Updated Charts

I update the slide with 4Q20 data in latest S1. Direct listing of Roblox will be interesting because market appetite has shifted in last two weeks and the underlying business of Roblox seems to be normalizing this year based on company's expectation (conservative?). Roblox has strong cash flow and just raised a private round so … Continue reading Roblox – Updated Charts

DaDa Group (DADA.US) – Note 2

[March 3rd, 2021] Model I put together a rough model to identify key lever. Most of assumptions are "reasonable" to me (my best guesses based on pattern without particular insights) so they might go wrong for many reasons (potential downside due to competition, execution...). The only parameter that might have substantial upside in the model … Continue reading DaDa Group (DADA.US) – Note 2

DaDa Group (DADA.US) – Note 1

[March 1st, 2021] Dada Group is a local on-demand delivery and retail platform within JD.com's ecosystem. Retail platform The retail platform, JDDJ, adopts 3P-only marketplace model and focuses on categories (in terms of merchants and SKU) where the value of on-demand sub-vertical of e-commerce is higher than costs for demand side and supply side in … Continue reading DaDa Group (DADA.US) – Note 1