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)

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

Roblox – IPO Note 4 (Investor Day)

[February 27th, 2021] Roblox has updated their S-1 and decided to go direct listing on March 10th. Roblox hosted investor day on Youtube. I highly recommend watching that video (presentation and Q&A) which is embedded below. Roblox is interesting: "metaverse holder" pure play - vertical & category agnostic consumer internet tech "large" TAM, meme candidate, … Continue reading Roblox – IPO Note 4 (Investor Day)

Roblox – IPO Note 3 (It’s Direct Listing!)

[January 10th, 2021] Roblox announced few days ago that it raised $520 million in new Series H funding at $29.5 billion valuation and planned to pursue an IPO via direct listing in early February 2021. It's management team's job to maximize the valuation for existing stockholders. By withdrawing from IPO and then raising a private … Continue reading Roblox – IPO Note 3 (It’s Direct Listing!)

Rival Peak – Initial Thoughts

Background of Rival Peak Below is how Facebook describes Rival Peak and its trailer: Rival Peak is an experimental competition reality show, featuring artificially intelligent contestants whose fate is controlled by YOU, the viewing audience. You can interact with the real-time experience through an instant game right on Facebook.Rival Peak Official Website https://youtu.be/wjOyi-aV5Pk * * … Continue reading Rival Peak – Initial Thoughts

Roblox – IPO Note 1

I just skimmed Roblox S-1. As there will be many S-1 teardown and takes on the internet, I only write down high-level thoughts that I still remember without checking the document again. I might put together a simple model and charts later. * * * [November 22nd, 2020] What is Roblox? Roblox is a User-Generated … Continue reading Roblox – IPO Note 1

Unity – IPO Note

💡 This note is NOT an advice for making any investment decisions. Data in this note is hand-collected so it's recommended to double check your data provider and S-1. The content here is my intellectual exercise so it might deviate from reality substantially and should be different from typical S-1 tear-down or IPO snapshot (hopefully … Continue reading Unity – IPO Note