Dada Nexus IPO: All That Glitters Is Not Gold

Setting up Reference Points for Dada Nexus' 'Dada Now' Local Delivery Business

Dada Nexus (达达集团) Pre-IPO - Competitive Landscape and Peer Analysis

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Softbank’s Stake Sale Will Be a Good Litmus Test of Alibaba’s Valuation

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<p>In our previous notes, we have raised our concerns over <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>’s slowing domestic e-commerce business. Alibaba’s 4Q FY03/20 results reaffirm this, as Alibaba seems to have fared poorer than its e-commerce counterparts during the pandemic. We continue to prefer <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>  over Alibaba among Chinese e-commerce names for the time being</p>

In our previous notes, we have raised our concerns over Alibaba Group (BABA US)’s slowing domestic e-commerce business. Alibaba’s 4Q FY03/20 results reaffirm this, as Alibaba seems to have fared poorer than its e-commerce counterparts during the pandemic. We continue to prefer JD.com Inc (ADR) (JD US)  over Alibaba among Chinese e-commerce names for the time being

Alibaba: Poor 4Q Compared to JD.com and PDD