Dingdong (Cayman) (DDL) Aktievy
Dingdong (Cayman) Limited driver ett e-handelsföretag i Kina. Mer information
| Snöflinga Score | |
|---|---|
| Värdering | 1/6 |
| Framtida tillväxt | 3/6 |
| Tidigare resultat | 2/6 |
| Finansiell hälsa | 6/6 |
| Utdelningar | 0/6 |
DDL Community Fair Values
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Analyst Price Targets
Dingdong (Cayman) Limited Konkurrenter
Prishistorik och prestanda
| Historiska aktiekurser | |
|---|---|
| Aktuell aktiekurs | US$2.63 |
| 52 veckors högsta | US$3.41 |
| 52 veckors lägsta | US$1.65 |
| Beta | 0.44 |
| 1 månads förändring | 3.14% |
| 3 månaders förändring | -10.85% |
| 1 års förändring | 34.87% |
| 3 års förändring | 12.88% |
| 5 års förändring | n/a |
| Förändring sedan börsintroduktionen | -88.82% |
Senaste nyheter och uppdateringar
Seeking Alpha • May 27
Dingdong (Cayman) Limited: Could Open Up Opportunities Provided The Meituan Sale Is Approved
Summary The Q1 FY2026 report showed DDL is in good shape, but all eyes are on what happens to the proposed sale to Meituan. A sale of Dingdong Fresh would bring in close to a billion in cash that would open up various opportunities, but approval is needed first. There are potential rewards that may become available in the near future, but there are also risks that should not be ignored. Long DDL could become viable, but only if the sale is approved, which is why I am neutral on DDL with a hold rating. Read the full article on Seeking Alpha
Uppdatering av berättelse • May 10
DDL: Leadership Transition And Higher Margin Outlook Will Support Upside
Analysts have raised their price target for Dingdong (Cayman) from about $2.67 to around $3.13, reflecting updated views on its projected revenue growth profile, profitability, discount rate, and future P/E assumptions. What's in the News Founder Mr. Changlin Liang resigned as Chief Executive Officer of Dingdong (Cayman) Limited, effective March 4, 2026, and will continue to serve as Chairman of the Board (Key Developments).
Uppdatering av berättelse • Apr 23
DDL: Leadership Transition And Stable Margins Will Support Further Upside
Analysts have trimmed their price target on Dingdong (Cayman) to about $3.50, reflecting updated views on lower revenue growth expectations alongside slightly higher profit margin and P/E assumptions. What's in the News Dingdong (Cayman) Limited announced that founder Mr. Changlin Liang resigned as Chief Executive Officer, effective March 4, 2026, and will continue as Chairman of the Board (company announcement).
Uppdatering av berättelse • Apr 08
DDL: Leadership Transition And Modest Profitability Will Likely Keep Shares Pressured
Analysts have adjusted their price target on Dingdong (Cayman) to reflect updated views on discount rate, revenue growth, profit margin, and future P/E assumptions, which together indicate a modestly refined fair value estimate of approximately $1.62 per share. What's in the News Founder Mr. Changlin Liang resigned as Chief Executive Officer of Dingdong (Cayman) Limited, effective March 4, 2026, and will remain Chairman of the Board of Directors (company announcement).Recent updates
Seeking Alpha • May 27
Dingdong (Cayman) Limited: Could Open Up Opportunities Provided The Meituan Sale Is Approved
Summary The Q1 FY2026 report showed DDL is in good shape, but all eyes are on what happens to the proposed sale to Meituan. A sale of Dingdong Fresh would bring in close to a billion in cash that would open up various opportunities, but approval is needed first. There are potential rewards that may become available in the near future, but there are also risks that should not be ignored. Long DDL could become viable, but only if the sale is approved, which is why I am neutral on DDL with a hold rating. Read the full article on Seeking AlphaUppdatering av berättelse • May 10
DDL: Leadership Transition And Higher Margin Outlook Will Support Upside
Analysts have raised their price target for Dingdong (Cayman) from about $2.67 to around $3.13, reflecting updated views on its projected revenue growth profile, profitability, discount rate, and future P/E assumptions. What's in the News Founder Mr. Changlin Liang resigned as Chief Executive Officer of Dingdong (Cayman) Limited, effective March 4, 2026, and will continue to serve as Chairman of the Board (Key Developments).Uppdatering av berättelse • Apr 23
DDL: Leadership Transition And Stable Margins Will Support Further Upside
Analysts have trimmed their price target on Dingdong (Cayman) to about $3.50, reflecting updated views on lower revenue growth expectations alongside slightly higher profit margin and P/E assumptions. What's in the News Dingdong (Cayman) Limited announced that founder Mr. Changlin Liang resigned as Chief Executive Officer, effective March 4, 2026, and will continue as Chairman of the Board (company announcement).Uppdatering av berättelse • Apr 08
DDL: Leadership Transition And Modest Profitability Will Likely Keep Shares Pressured
Analysts have adjusted their price target on Dingdong (Cayman) to reflect updated views on discount rate, revenue growth, profit margin, and future P/E assumptions, which together indicate a modestly refined fair value estimate of approximately $1.62 per share. What's in the News Founder Mr. Changlin Liang resigned as Chief Executive Officer of Dingdong (Cayman) Limited, effective March 4, 2026, and will remain Chairman of the Board of Directors (company announcement).Uppdatering av berättelse • Mar 25
DDL: Leadership Change And Thin Margins Will Likely Keep Shares Pressured
Analysts have slightly adjusted their price target on Dingdong (Cayman), reflecting updated assumptions around discount rate, revenue growth, profit margin and future P/E. Their fair value estimate remains broadly in line with prior views.Uppdatering av berättelse • Mar 10
DDL: Leadership Shift And Thin Margins Will Likely Keep Shares Pressured
Analysts now place Dingdong (Cayman)'s price target near $1.62 versus about $1.60 previously, citing updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News Dingdong (Cayman) Limited announced that founder Mr. Changlin Liang resigned as Chief Executive Officer, effective March 4, 2026, and will remain as Chairman of the Board (Key Developments).Uppdatering av berättelse • Feb 24
DDL: Lower Future P/E Assumptions Will Likely Keep Shares Pressured
Analysts have modestly adjusted their price target on Dingdong (Cayman) to reflect a slightly lower discount rate, marginally higher revenue growth and profit margin assumptions, and a somewhat reduced future P/E of about 5.30x. Their overall valuation view in $ terms remains broadly unchanged.Uppdatering av berättelse • Feb 10
DDL: Higher Discount Rate And Lower P/E Will Likely Keep Shares Pressured
Analysts have slightly reduced their price target for Dingdong (Cayman) to US$1.60, down from about US$1.61. The change reflects updated views on discount rate, revenue growth, profit margin and future P/E assumptions in their models.Uppdatering av berättelse • Jan 27
DDL: Steady Margins And Disciplined P/E Will Support Further Upside
Analysts have trimmed their price target on Dingdong (Cayman) to reflect slightly higher discount rate and revenue growth assumptions, along with a marginally adjusted profit margin outlook and a modestly lower future P/E expectation. Valuation Changes Fair Value: Kept unchanged at US$3.59 per share, signaling no revision to the central valuation estimate.Uppdatering av berättelse • Jan 12
DDL: Higher Margin Outlook And Lower Discount Rate Will Support Upside
Analysts have nudged their fair value estimate for Dingdong (Cayman) higher, from US$3.52 to US$3.59, citing updates to revenue growth, profit margin assumptions, a slightly lower discount rate, and a reduced future P/E multiple. Valuation Changes The fair value estimate was raised slightly from US$3.52 to US$3.59 per share.Analysartikel • Jan 06
Dingdong (Cayman) Limited (NYSE:DDL) Stock Catapults 33% Though Its Price And Business Still Lag The Market
Dingdong (Cayman) Limited ( NYSE:DDL ) shares have continued their recent momentum with a 33% gain in the last month...Uppdatering av berättelse • Dec 26
DDL: Modest Profit Outlook Is Expected To Keep Shares Under Pressure
Analysts have modestly raised their price target on Dingdong (Cayman), citing a slightly lower perceived risk profile, marginally stronger long term revenue growth expectations, and a small improvement in projected profitability that together support a higher valuation multiple in currency terms. Valuation Changes Discount Rate has fallen slightly from 8.73% to 8.43%, reflecting a modestly lower perceived risk profile.Uppdatering av berättelse • Dec 12
DDL: Higher Discount Rate Will Likely Pressure Shares Despite Margin Improvement
Analysts have reduced their price target on Dingdong (Cayman) by roughly one third to approximately 1.61 dollars, citing a combination of slightly slower expected revenue growth, a higher discount rate, and a lower future earnings multiple, partially offset by improved profit margin assumptions. Valuation Changes The fair value estimate has declined from approximately 2.51 dollars to 1.61 dollars per share.Analysartikel • Oct 11
Dingdong (Cayman) (NYSE:DDL) Is Experiencing Growth In Returns On Capital
There are a few key trends to look for if we want to identify the next multi-bagger. Firstly, we'll want to see a...Uppdatering av berättelse • Aug 23
Investments In High-Quality Products And Supply Chain Efficiency Will Drive Future Success
The consensus price target for Dingdong (Cayman) has been reduced, primarily reflecting a steep decline in its future P/E alongside a modest drop in net profit margin, resulting in a new fair value of $2.97. Valuation Changes Summary of Valuation Changes for Dingdong (Cayman) The Consensus Analyst Price Target has fallen from $3.28 to $2.97.Analysartikel • Apr 05
Dingdong (Cayman) Limited (NYSE:DDL) Stock's 25% Dive Might Signal An Opportunity But It Requires Some Scrutiny
To the annoyance of some shareholders, Dingdong (Cayman) Limited ( NYSE:DDL ) shares are down a considerable 25% in the...Seeking Alpha • Mar 06
Dingdong Q4: Good End To The Year With Many Positives Going Into 2025
Summary Dingdong (Cayman) Limited reported Q4 sales of $809m, with a positive market reaction and shares up 12.5%, driven by improved profitability and optimistic, albeit vague, guidance. The company has a strong balance sheet with $609m in liquidity, supporting potential aggressive expansion in China and possibly internationally. Dingdong's focus on expanding its user base and ARPU, along with developing higher-margin private-label products, indicates a promising growth trajectory. Despite intense competition and a strategic shift towards long-term competitiveness, Dingdong's growth potential and cash reserves make DDL a stock to watch closely. Read the full article on Seeking Alpha
Ny berättelse • Jan 22
Supply Chain Optimization And Fulfillment Station Expansion Will Improve Future Operational Efficiency
Supply chain optimization and new fulfillment stations are set to enhance efficiency, drive down costs, and boost revenue growth.Analysartikel • Jan 07
Positive Sentiment Still Eludes Dingdong (Cayman) Limited (NYSE:DDL) Following 25% Share Price Slump
Dingdong (Cayman) Limited ( NYSE:DDL ) shareholders won't be pleased to see that the share price has had a very rough...Seeking Alpha • Nov 12
Dingdong: Turning Positive With Profit Beat And Favorable Prospects (Rating Upgrade)
Summary Dingdong's Q3 2024 net income was +5% above consensus, as its revenue grew +27% YoY and its operating margin improved by +186 basis points YoY for the recent quarter. DDL's financial outlook for Q4 2024 and FY 2024 is positive, considering expectations of an increase in new frontline fulfillment station openings and an improvement in operating efficiency. I raise my rating for DDL to a Buy, taking into account its performance, prospects, and valuations. Read the full article on Seeking AlphaAnalysartikel • Oct 30
Further Upside For Dingdong (Cayman) Limited (NYSE:DDL) Shares Could Introduce Price Risks After 27% Bounce
Despite an already strong run, Dingdong (Cayman) Limited ( NYSE:DDL ) shares have been powering on, with a gain of 27...Analysartikel • Sep 01
Even With A 26% Surge, Cautious Investors Are Not Rewarding Dingdong (Cayman) Limited's (NYSE:DDL) Performance Completely
Dingdong (Cayman) Limited ( NYSE:DDL ) shareholders would be excited to see that the share price has had a great month...Seeking Alpha • Jul 09
Dingdong: Bleak Growth Outlook Due To Competitive Pressure
Summary Dingdong is recommended as a sell. DDL's business model may face challenges from weak macroeconomic conditions and increasing competition in the grocery delivery space. Given the poor outlook and growing competitive pressure, I expect DDL to continue trading at a steep discount to peers. Read the full article on Seeking AlphaSeeking Alpha • Apr 23
Dingdong: Watch 2024 Cash Flow And Top Line
Summary Dingdong's cash flow generation is expected to improve in 2024, considering the company's stance on share repurchases and the potential for further cost optimization. But DDL is likely to deliver a low-single digit percentage top line growth rate this year, as the company continues with its business restructuring plans. I retain my existing Hold rating for Dingdong after analyzing the company's financial prospects. Read the full article on Seeking AlphaSeeking Alpha • Feb 05
Dingdong: Focus On Short-Term Financial Outlook And Long-Term Value Drivers
Summary Dingdong's Q4 2023 results are likely to be lackluster considering the high base in Q4 2022 and the weak economic numbers for China in the final quarter of last year. Dingdong has value drivers for the long run, such as private label and pre-made food products growth, and an improvement in shareholder capital return. My rating for DDL remains as a Hold, taking into account its near-term prospects and its long-term growth potential. Read the full article on Seeking AlphaAnalysartikel • Dec 26
Dingdong (Cayman) Limited's (NYSE:DDL) 29% Share Price Plunge Could Signal Some Risk
Dingdong (Cayman) Limited ( NYSE:DDL ) shareholders won't be pleased to see that the share price has had a very rough...Seeking Alpha • Nov 17
Dingdong: Still Neutral Considering Both Results And Guidance
Summary Both DDL's Q3 top line and bottom line were lower than the consensus financial forecasts, and there was no new share buyback program announced. But I have a favorable opinion of Dingdong's guidance of positive Q4 2023 normalized earnings. I still have a Neutral view of DDL as a potential investment candidate, which translates into a Hold rating for the stock. Read the full article on Seeking AlphaSeeking Alpha • Sep 05
Dingdong Rings On Its East China Base To Fatten Profits
Summary Dingdong’s revenue fell 27% in the second quarter as business returned to normal after a surge in the year-ago quarter at the height of China’s Covid lockdowns. The online grocer recorded strong growth for its membership services, and is retooling its geographic footprint to focus on its profitable base in Shanghai and surrounding areas. The nation’s top online grocer is trying to boost profits by focusing on membership services and its base in affluent Shanghai, as well as adjacent Zhejiang and Jiangsu provinces. Read the full article on Seeking AlphaSeeking Alpha • Aug 01
Dingdong Q2 Preview: Results Could Be Below Expectations
Summary Dingdong (Cayman) Limited's Q2 2023 results might fall short of analyst expectations, as I think it is too optimistic to expect sequential revenue growth and positive normalized earnings. But Dingdong's shares are already pretty cheap, so this limits the downside for the stock in the event of an earnings miss. I still have a Hold rating assigned to Dingdong based on my analysis of the company's near-term financial outlook and its valuations. Read the full article on Seeking AlphaAnalysartikel • May 18
Things Look Grim For Dingdong (Cayman) Limited (NYSE:DDL) After Today's Downgrade
Today is shaping up negative for Dingdong (Cayman) Limited ( NYSE:DDL ) shareholders, with the analysts delivering a...Seeking Alpha • Nov 11
Dingdong Non-GAAP EPS of -$0.12 misses by $0.08, revenue of $835.4M misses by $4.48M
Dingdong press release (NYSE:DDL): Q3 Non-GAAP EPS of -$0.12 misses by $0.08. Revenue of $835.4M (-4.0% Y/Y) misses by $4.48M. GMV for the third quarter of 2022 decreased by 7.2% Y/Y to $915.4M. Cash and cash equivalents and short-term investments were $824.0M as of September 30, 2022.Seeking Alpha • Nov 01
Dingdong: Cheap For Good Reasons
Summary Dingdong achieved very strong YoY revenue growth rates of above +40% for both Q1 2022 and Q2 2022, as lockdowns in China drove up demand for groceries. But DDL's post-IPO stock price performance has been disappointing, as investors are still concerned about Dingdong's ability to achieve profitability, and the company has yet to pursue a separate listing. I assign a Hold investment rating to Dingdong's stock, as I think that DDL is cheap for good reasons. Elevator Pitch I have a Hold investment rating for Dingdong (Cayman) Limited's (DDL) shares. DDL's shares have fallen by -89% since its public listing in the middle of 2021, and it currently trades at 0.15 times consensus forward next twelve months' Enterprise Value-to-Revenue. But Dingdong's shares don't warrant a Buy rating, as I think that its poor stock price performance and low valuation multiples are justified by profitability concerns and delisting risks. As such, I think that a Hold rating for Dingdong is more appropriate. Business Profile Dingdong calls itself "the leading fresh grocery e-commerce company in China" in the company's media releases. As indicated in its FY 2021 20-F filing, DDL earned substantially all of its revenue (or 98.9% to be specific) from "product sales of primarily fresh groceries, prepared food and other food products through 'Dingdong Fresh' APP and mini program" last year. Membership fees accounted for the remaining 1.1% of Dingdong's fiscal 2021 top line. The company was first established in May 2017, and its shares were listed on the New York Stock Exchange since June 2021. China's Approach Towards The Pandemic Has Been A Tailwind For DDL China has chosen to stick with its COVID-zero policy, unlike many other countries worldwide which have gone ahead with relaxing pandemic restrictions. This is generally negative for companies operating in Mainland China, but Dingdong is an outlier in that respect. The COVID-zero stance adopted by China implies that there is a higher probability of lockdowns occurring when there is a spike in pandemic cases from time to time. This in turn leads to a higher proportion of people in the country reducing their social activities and spending more time at home, irrespective of whether actual lockdowns have been initiated. As such, demand for groceries in Mainland China has been remained strong despite challenging economic conditions. Therefore, it shouldn't come as a surprise that Dingdong still managed to achieve strong top line growth in the first half of the year. As per S&P Capital IQ's financial data, DDL's revenue expanded by +43.2% YoY and +42.7% YoY to RMB5.4 billion and RMB6.6 billion for Q1 2022 and Q2 2022, respectively. Recall that Q2 2022 represented the peak of COVID-19 lockdowns in Mainland China, with even key cities like Shanghai and Beijing experiencing lockdowns in that quarter. More significantly, DDL generated a positive non-GAAP net profit of RMB20.6 billion in the second quarter of 2022 as highlighted in its Q2 financial results press release. This was the first time that Dingdong became profitable since its listing on the NYSE in the middle of last year. At its Q2 2022 earnings briefing on August 11, 2022, Dingdong acknowledged that "the milestone profit we achieved in Q2 was partially a result of the lockdown" in Mainland China. Dingdong's Weak Stock Price Performance Is Justified By Multiple Factors On the surface, there seems to be a significant misalignment between DDL's 1H 2022 financial results and its share price performance post-IPO. Dingdong's last done share price was $2.63 as of October 31, 2022, which is -89% lower than DDL's June 2021 IPO price of $23.50. During the same period, the S&P 500 has declined by a mere -9%. However, if one delves deeper, there are actually good reasons why DDL's shares haven't performed well since its public listing. A key reason is that Dingdong's positive earnings for Q2 2022 appears to be an one-off. DDL noted at its second quarter results briefing that "looking ahead to Q3, we may expect a slight loss." S&P Capital IQ's consensus financial estimates suggest that analysts still expect Dingdong to record a normalized net loss of -RMB23 million for full-year fiscal 2023. An August 17, 2022 Nikkei Asia article mentioned that "about 90% of online grocery delivery services are operating at a loss." This statistic serves as an indication of how competitive the market is and the difficulty of achieving profitability in this industry. In the current environment, the market continues to penalize fast-growing companies which are finding it tough to achieve profitability. This helps to explain why DDL's consensus forward next twelve months' Enterprise Value-to-Revenue multiple has derated from 2.4 times at its peak in early-November 2021 to 0.15 times as of end-October 2022.Aktieägarnas avkastning
| DDL | US Consumer Retailing | US Marknad | |
|---|---|---|---|
| 7D | 1.5% | -7.3% | 1.3% |
| 1Y | 34.9% | 12.5% | 27.7% |
Avkastning vs industri: DDL översteg US Consumer Retailing branschen som gav 12.5 % under det senaste året.
Avkastning vs Marknaden: DDL översteg US marknaden som gav 27.7 % under det senaste året.
Prisvolatilitet
| DDL volatility | |
|---|---|
| DDL Average Weekly Movement | 4.9% |
| Consumer Retailing Industry Average Movement | 5.3% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.6% |
| 10% least volatile stocks in US Market | 3.0% |
Stabil aktiekurs: DDL har inte haft någon betydande prisvolatilitet under de senaste 3 månaderna jämfört med marknaden för US.
Volatilitet över tid: DDL s veckovolatilitet ( 5% ) har varit stabil under det senaste året.
Om företaget
| Grundad | Anställda | VD OCH KONCERNCHEF | Webbplats |
|---|---|---|---|
| 2017 | 3,658 | Song Wang | www.100.me |
Dingdong (Cayman) Limited driver ett e-handelsföretag i Kina. Företaget tillhandahåller färska livsmedel, inklusive grönsaker, kött och ägg, frukt och skaldjur. Företaget erbjuder även färdiglagad mat, såsom mat som är färdig att äta, färdig att värma, färdig att laga och färdig att blanda, samt andra livsmedelsprodukter, såsom bakverk, mejeriprodukter, kryddor, drycker, olja och snacks.
Dingdong (Cayman) Limited Sammanfattning av grunderna
| DDL grundläggande statistik | |
|---|---|
| Börsvärde | US$561.54m |
| Vinst(TTM) | US$24.20m |
| Intäkter(TTM) | US$3.61b |
23.5x
P/E-förhållande0.2x
P/S-förhållandeÄr DDL övervärderat?
Se Verkligt värde och värderingsanalysResultat & intäkter
| DDL resultaträkning (TTM) | |
|---|---|
| Intäkter | CN¥24.45b |
| Kostnad för intäkter | CN¥17.34b |
| Bruttovinst | CN¥7.11b |
| Övriga kostnader | CN¥6.95b |
| Intäkter | CN¥164.05m |
Senast redovisade vinst
Mar 31, 2026
Nästa vinstdatum
n/a
| Vinst per aktie (EPS) | 0.76 |
| Bruttomarginal | 29.09% |
| Nettovinstmarginal | 0.67% |
| Skuld/egenkapitalförhållande | 0% |
Hur har DDL utvecklats på lång sikt?
Se historisk utveckling och jämförelseFöretagsanalys och finansiella data Status
| Uppgifter | Senast uppdaterad (UTC-tid) |
|---|---|
| Analys av företag | 2026/05/27 14:31 |
| Aktiekurs vid dagens slut | 2026/05/27 00:00 |
| Intäkter | 2026/03/31 |
| Årlig intjäning | 2025/12/31 |
Datakällor
Den data som används i vår företagsanalys kommer från S&P Global Market Intelligence LLC. Följande data används i vår analysmodell för att generera denna rapport. Data är normaliserade vilket kan medföra en fördröjning från det att källan är tillgänglig.
| Paket | Uppgifter | Tidsram | Exempel US-källa |
|---|---|---|---|
| Företagets finansiella ställning | 10 år |
| |
| Analytikernas konsensusuppskattningar | +3 år |
|
|
| Marknadspriser | 30 år |
| |
| Ägarskap | 10 år |
| |
| Förvaltning | 10 år |
| |
| Viktiga utvecklingstendenser | 10 år |
|
* Exempel för amerikanska värdepapper, för icke-amerikanska värdepapper används motsvarande regelverk och källor.
Om inget annat anges är all finansiell data baserad på en årsperiod men uppdateras kvartalsvis. Detta kallas data för efterföljande tolv månader (TTM) eller senaste tolv månader (LTM). Lär dig mer om detta.
Analysmodell och snöflinga
Detaljer om analysmodellen som användes för att skapa den här rapporten finns på vår Github-sida, vi har också guider om hur du använder våra rapporter och tutorials på Youtube.
Lär dig mer om det team i världsklass som utformade och byggde analysmodellen Simply Wall St.
Industri- och sektormått
Våra bransch- och sektionsmått beräknas var sjätte timme av Simply Wall St, detaljer om vår process finns tillgängliga på Github.
Källor för analytiker
Dingdong (Cayman) Limited bevakas av 8 analytiker. 4 av dessa analytiker lämnade de uppskattningar av intäkter eller resultat som användes som indata till vår rapport. Analytikernas inskickade estimat uppdateras löpande under dagen.
| Analytiker | Institution |
|---|---|
| Yang Bai | China International Capital Corporation Limited |
| Qingpu Yang | Citic Securities Co., Ltd. |
| Chun-Yin Leung | Daiwa Securities Co. Ltd. |