New Street Research - Alibaba Group Holding Ltd. Sponsored ADR (A117ME) New Street: BABA FY3Q23 Preview - Margins Remain Intact Despite Challenging Demand Environment

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New Street Research

Jin Yoon

New Street: BABA FY3Q23 Preview - Margins Remain Intact Despite Challenging Demand Environment

What’s New: We nudge down our CY4Q top-line estimates as demand environment was impacted by surge in covid cases in Dec. Despite downward revision in top-line estimates, our non-GAAP EBITA estimates remain unchanged 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

11/01/2023 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.

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

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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New Street: BABA FY3Q23 Preview - Margins Remain Intact Despite Challenging 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

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