New Street: BABA FY1Q22 Results - Core Commerce Revenues Shy of Expectations; FY Rev Guide Intact

What's New: Alibaba’s reported FY1Q22 top-line results were below consensus and our estimates as core commerce revenues were just shy of expectations. Heading into Sept Quarter, investments in strategic areas such as Community Marketplaces and Taobao Deals could increase sequentially as both business segment continue to show strong growth momentum. We maintain our PT at USD250, which implies a 23.9x P/E on our FY22 estimates.

Jin Yoon
Alibaba Group Holding Ltd

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Jin Yoon

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