BABA: Operational Efficiency Driving Better Earnings In FY2Q20; Maintain Buy
BABA will report F2Q20 results on November 1st before the markets open with a 7:30am EST conference call. As emphasizing on operational efficiency is one of the main focuses within BABA Group, we believe the bigger positive of its FY2Q20 earning results is likely to be better than expected improvement in BABA’s non-GAAP operating margin and net margin as a result of: 1) lower spending from Youku; 2) less loss from the Cloud business; and 3) less cash subsidies in ele.me compared with last year.
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