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

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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

Alibaba Group Holding Limited - September 2024 (LTM): Peer Snapshot

China Internet: 1H25 outlook shaped by implications of fiscal stimuli and US tariffs.

Alibaba Cloud Named a Leader in Public Cloud Platforms Report

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

Liquid Intelligent Technologies (High Yield) New SA facilities signed, first tranche of new equity signed and closed. Still undervalued despite rally.

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