New Street: BABA FY2Q22 Results - FY Rev Guide Down on Macro Concerns

What's new: Alibaba’s reported FY2Q22 top-line results were below consensus and our estimates as core commerce face near term amid elevated competition and weakening macro environment. FY22 total revenue guidance was revised to reflect continued slowdown in macro coupled with intensified competition in lower tier city. We lower our PT from USD 250 to USD200, which implies a 20.1x P/E on our FY23 estimates.

Jin Yoon
Alibaba Group Holding Ltd. Sponsored ADR

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Jin Yoon

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