New Street Research - Alibaba Group Holding Ltd. Sponsored ADR (A117ME) BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

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New Street Research

Jin Yoon

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

What’s new: Alibaba’s reported FY2Q25 revs that were below consensus and our expectations. Taobao and Tmall take rate starts to stabilize partly driven by full-quarter impact from the software service fee and further merchant adoption of Quanzhantui. Margins could see quarterly fluctuations as BABA continues to invest in user experience. We maintain our PT at USD100.

Analysts:
Jin Yoon

18/11/2024 1 EN

Underlying

Alibaba Group Holding Ltd. Sponsored ADR

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US01609W1027 Stuttgart Stock Exchange Cayman Islands

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New Street Research

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Analysts

Jin Yoon

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BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

Alibaba Group (9988 HK): 2QFY25: Seeking high-quality growth and gradual monetisation.

Alibaba Group Holding Limited: Update to credit analysis

CelcomDigi (Buy, TP: RM6, +80%) Q3 24 Quick Take: Lowered service revenue guidance on Prepaid SIM consolidation; EBIT trend improving

ASML 2024 CMD: What did we learn?

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