New Street Research - Alibaba Group Holding Ltd. Sponsored ADR (A117ME) BABA FY4Q23 Preview: Gradual Recovery in Demand Environment

Report

New Street Research

Jin Yoon

BABA FY4Q23 Preview: Gradual Recovery in Demand Environment

What’s New: We nudge down our CY1Q top-line estimates as recovery in demand environment could be slower than what we anticipated, while normalized demand in grocery and medicine could also adversely impact direct retail sales in the quarter. Despite downward revision in top-line, non-GAAP EBITA could further improve YoY amid continued cost controls and improving efficiency across each business segments. In this note, we highlight the latest updates on the business including near-term demand and margin outlook.

Analysts:
Jin Yoon

05/04/2023 1 EN

Underlying

Alibaba Group Holding Ltd. Sponsored ADR

See profile

US01609W1027 Stuttgart Stock Exchange Cayman Islands

Provider

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.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Jin Yoon

Other Reports on these Companies

UOB

Greater China 2H25 Market Strategy: A Big Beautiful Deal?

 Trade deal in focus. Notwithstanding the 90-day truce on tariff escalation, it is still a 50/50 if there will be a “Big Beautiful Deal” between the US and China. The US is steadfast in wanting to cap China’s growth and restricting her access to the latest technology, while China is making a firm stand on its economic rights. We expect that higher US tariffs on Chinese goods are unavoidable, likely closer to the 60% mark, if Trump were to be seen making a credible move to onshore production in key industries.  Potential relief rally. At this tariff rate, it is still not a walk in the park f...

June 26, 2025 June 26, 2025 1 EN

UOB

China Internet: 618 Festival – Evolving consumer trends and continued focus on value for money.

The national subsidies programme continued to reinforce the consumption trend of “value-based substitution” during the 618 festival. While the share of online vs offline spending remained stable, emerging channels are creating new growth opportunities. We believe the consumption momentum will be shaped by: a) impact from the temporary suspension of the national subsidies programme in five provinces, and b) changes in the food delivery competitive landscape. Maintain MARKET WEIGHT.

June 19, 2025 June 19, 2025 1 EN

UOB

China Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics.

Market concerns persist over the viability of JD’s entry into the food delivery space and the implications of the increasingly competitive landscape. In response to the heightened rivalry, food delivery companies have ramped up their investment, weighing on near-term profitability. By leveraging high-frequency food delivery scenarios to channel traffic toward e-commerce categories, JD and Alibaba have effectively enhanced conversion efficiency during the 618 campaign. Maintain MARKET WEIGHT.

June 12, 2025 June 12, 2025 1 EN

SATS, Carr, and the Art of the No Deal…Yet

SATS just filed a new 8-K saying it will make the interest payments on Monday, avoiding a Chapter 11 filing. Our New Street colleagues have published a note today with their perspective. In this note we describe the filing and its implications.

EUR 8555.00

10h / 44m 10h / 44m 1 EN

Blair Levin

Blair Levin

Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

EUR 8555.00

10h / 46m 10h / 46m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA quick hit: Comcast continues to make the right pricing moves

After launching 5-year price guarantee plans in April, Comcast has now announced some tweaks to plans that are discounted for one year, and to rack rates. These announcements are less meaningful than the 5-year plans, though they continue to inch gradually in the right direction. Our quick thoughts in this brief note.

EUR 8555.00

10h / 51m 10h / 51m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

BABA FY4Q23 Preview: Gradual Recovery in Demand Environment

Greater China 2H25 Market Strategy: A Big Beautiful Deal?

China Internet: 618 Festival – Evolving consumer trends and continued focus on value for money.

China Internet: JD’s new initiative in on-demand delivery is reshaping FD market dynamics.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe