BABA: Better Performance In FY2Q23 Driven By Improvement In China Retail And Logistics
We are positive on BABA’s FY2Q23 performance, which is in line with the macroeconomic improvement in China retail and logistics. Specifically, the sales growth in July and August were better. While China’s economy is still weak, after the 20th Communist Party of China (the 20th CPC), we believe the economy can be more active with more certainties and clearer economic and political directions. One direction, which is quite clear at this point, is to promote domestic demand and consumption. In such case, e-commerce can be the leading sector to see signs of improvement. We expect 4Q22 to be better than 3Q22 in terms of growth.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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