Alibaba, Trip.com Top Picks at Mizuho in Chinese Internet Space

Seekingalpha2023-11-14

Alibaba (NYSE: BABA) and Trip.com (NASDAQ: TCOM) were top picks by Mizuho Securities in China's internet arena but the firm trimmed price targets on some stocks, including that of Alibaba, to reflect ...

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However, travel remained a bright spot, and they expect that the pent-up demand for outbound travel and expanding flight capacity to support growth going forward.At the same time, the analysts expect the Singles Day shopping festival, also known as the Double 11, annual sales event to provide near-term relief for ecommerce due to deep discounts and the resulting price elasticity.With this in mind, the analysts' top pick is Trip.com (TCOM) due to the rising demand for outbound travel. They also think Alibaba's (BABA) setup is positive, and it is also a top pick, as they expect good execution in price matching and improving monetization in advertising.According to a report from Reuters, Alibaba said it saw year-over-year growth across this year's Singles Day sales period which ended on Nov. 11, while rival JD.com (JD) reported sales volumes at a record high.Data provider Syntun, estimated that cumulative gross merchandising volume, or GMV, sales across major e-commerce platforms grew 2.08% to 1.14T yuan ($156.40B) versus growth of 2.9% last year, the report.Mainly, the Singles Day festival in China, which is 24-hour online shopping event held every year, has expanded into weeks of promotions across the Asian nation's major e-commerce platforms and offline stores.For Alibaba (BABA), Mizuho's analysts expect demand to rebound from Double 11 with improved monetization. They expect CMR (customer management revenue) growth to rebound in December-quarter from 4% year-over-year to 8% due to good execution of price matching and new advertising products to improve monetization.In addition, the analysts said that BABA is a compelling idiosyncratic story with upcoming listings of its subsidiaries, which could steer incremental shareholder value. They believe the setup is positive into the quarter.The firm maintained its Buy rating on Alibaba but lower the price target to $120 from $145 due to multiple compression from weaker macro.Trip.com (TCOM): Mizuho maintained Trip.com as its top pick for China internet and kept a price target of $55. The analysts expect Trip.com TCOM to gain share and scale economies, backed by strong travel demand in the summer quarter.With volume and pricing accelerating, they believe Trip.com (TCOM) is best positioned given further recovery of outbound travel, improvements in airline capacity and easing policy.JD.com (JD): The analysts anticipate ongoing inventory optimization, restructuring and price matching to further delay the revenue recovery, with low single-digit top-line growth for the second half of 2023.The firm retained its Buy rating on JD but reduced the price target on the stock to $40 from $60 on near-term business adjustment headwinds.Baidu (BIDU): The analysts look for Baidu to show progress in advertising recovery, benefiting from services consumption. However, the Cloud business is facing headwinds from reduced public-sector spending and tough comps. The analysts maintained their Buy, but lowered the price target to $140 from $170 due to weaker macro and U.S.-China tech rivalry.Tencent (OTCPK:TCEHY) (OTCPK:TCTZF): For Tencent, the analysts expect positive performance from advertising due to increased traction with Video Accounts. They also look for online games to recover due to the less-restrictive policies.The analysts maintained Neutral rating on the stock but cut the price target to $325 from $375 due to compressed industry multiples.Bilibili (BILI): The analysts expect in-line results steered by new game launches during the seasonally strong summer quarter. At the same time, they anticipate to see additional progress on profitability driven by continued cost controls and efficiency gains. The firm maintain a Buy rating and $18 price target on the shares.Tencent Music Entertainment (TME): Mizuho maintained a Buy rating on Tencent Music and lowered the price target to $10 from $11 on revised FY25 EBITDA estimates. The analysts anticipate Tencent Music to deliver in-line Q3 results, but they lowered the FY24 entertainment segment estimates due to perceived strategy changes.Dada Nexus (DADA): The analysts expect mix shift to services and overall weak consumer sentiment to challenge near-term growth, pushing the annual breakeven milestone to FY'24. The firm maintained a Buy rating on Dada on 20%+ revenue growth in FY24 but slashed the price target to $7 from $10 on the shares on lower industry multiples.Kuaishou (OTCPK: KSHTY) (OTCPK: KUASF): Mizuho maintained its Buy rating and HK$85 price target on Kuaishou's stock. The analysts anticipate continued share gains in ecommerce and advertising driven by content+commerce solutions. This translates into revenue growth in line, but upside in profitability, according to the analysts.Alibaba (BABA) has a Strong Buy rating at Seeking Alpha's Quant Rating system, which consistently beats the market. Meanwhile, the Seeking Alpha authors' average rating is Buy and the average Wall Street analysts' rating is Strong Buy.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2383030254"}