Alibaba Is On Path To Fundamental Improvement: Benchmark

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Alibaba Is On Path To Fundamental Improvement: Benchmark

Benzinga2023-10-11

Benchmark analyst Fawne Jiang reiterated Alibaba Group Holding Limited with a Buy and a $180 price target.China retail and physical goods were off to a slower start in the September quarter, with a ...

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hphoa
·2023-10-11
Talk n talk n talk
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Miker9110
·2023-10-11
O
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Andrewinho
·2023-10-11
Really? 🤔🤔
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Edmundse
·2023-10-11
Been hearing lots of good stories for the past 2 years 😜just noise 😜😜
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Purchase shifts prioritizing experience (travel, movie and theatre, restaurant) over physical goods may have also played a factor. With industry growth expected at a high single-digit Y/Y, Jiang estimated BABA CMR to grow at 4% Y/Y (vs. 5% Y/Y prior) in the September quarter and have moderately lowered 2Q24 revenue estimate to RMB 225.4 billion (vs. RMB 228.1 billion prior). Jiang left her adjusted EBITDA estimate unchanged at RMB 48.4 billion, reflecting BABA’s continued efficiency improvement. Fundamentally, Jiang wanted to highlight BABA’s consistent effort on a user-centric approach and its notable advertising system upgrades (Wanxiang Boundless) in the quarter, leveraging AI capability. While Jiang is realistic that these product upgrades may take time to ramp up and translate into meaningful growth reacceleration, she is encouraged to see the positive take rate trend (outperforming GMV growth). 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