reports
- Tian Hou
BABA: Positive Outlook Due To BABA’s Strategic Changes; Positive FY1Q2...
We maintain a positive outlook on BABA's prospects as its domestic e-commerce division is undergoing strategic transformations. We anticipate these changes will significantly boost revenue growth in the near term. Notably, Alibaba is eliminating annual merchant fees starting in September 2024, shifting to a 0.6% commission on gross merchandise value (GMV).
- Tian Hou
BABA: Positive On Longer-Term Outlook As China’s Economy Is Showing Si...
BABA will report FY4Q24 results on May 14th before the markets open with a 7:30am ET conference call. We believe BABA’s FY4Q24E performance is likely to be in line, but we are positive about the longer-term outlook. BABA is adopting a new strategy focusing on user acquisitions for each business unit, including e-commerce business, cloud business, cross-border commerce, and local services. The company started to use low prices and subsidies. As such, while we expect BABA’s business to resume grow...
- Tian Hou
BABA: Adjusting To Cope With Weaker Business Environment; Recovering A...
BABA will report FY3Q24 results on February 7th before the markets open with a 7:30am ET conference call. We believe BABA’s FY3Q24E performance is likely to be in line, but we are positive for the 2024 outlook. While China's economy in 2023 showed unexpected slow growth, it also provided a low base for 2024. China's economy has its resilience, and it is gradually on its way to recovery. As the e-commerce sector is representative of China's economy, BABA’s performance also showed such recovery. S...
- Tian Hou
BABA: Positive On Margins In FY2Q24E; Slower Topline Growth Has Been P...
We are positive on BABA’s FY2Q24E performance. The slower than expected economic recovery has put pressure on BABA and other e-commerce companies in China. The central government’s economic stimulus did not officially come until August 2023 as a decision was made from the Politburo Meeting on Economy on July 24th. In the last 10 consecutive months, the central bank has been conducting aggressive MLF (medium-term lending facility) operations. In September alone, MLF was RMB591B. We believe the ab...
- Tian Hou
BABA: Economic Stimulus Could Set In Soon; Positive On FY1Q24E Perform...
We are positive on BABA’s FY1Q24E performance. The long-awaited economic stimulus is likely to come soon. On June 25th, the State Think Tank CMF released its paper “Solidifying Foundation for Recovery, China’s Macroeconomy in 2023” (/imeeting/hyt/detail/29925). The paper not only pointed out 5 main issues but also emphasized that these issues cannot be resolved by themselves. Instead, it will take a set of stimulus measures from the State to fix the problems. We believe the paper sets up the dir...
- Tian Hou
BABA: Favorable Policies And Restructuring Are Likely To Bring Upside ...
While FY4Q23E is likely to continue to be weaker as China’s economy needs time to recover, we are positive on BABA’s FY2024 outlook: 1) policy environment now is favorable – as the economic recovery is now the priority of the government, the government is providing supportive policies and goodwill to show its determination to rejuvenate economic growth; 2) better outlook in FY2024 – with China’s GDP outlook at 5%, consensus for BABA’s FY2024 at 10.4% Y/Y can be conservative; and 3) BABA recently...
- Tian Hou
BABA: Positive On 2023 Outlook On China’s Full Reopening And Governmen...
We are positive on BABA’s CY2023 outlook. After multiple ups and downs in CY2022, CY2023 can be a much better year for China e-commerce companies due to: 1) China is giving up its zero-COVID policy, and the country is fully opening; 2) resetting economic development as the nation’s top priority; and 3) the whole year of 2022 sets a low base for 2023. Specifically for BABA, it is political risk-free now, in our view. As the economic recovery post-COVID has become the priority for the Chinese gove...
- VRS RESEARCH TEAM
Technical Analysis Comment on ALIBABA GROUP HOLDING, January 2020
Alibaba Group Holding Ltd (BABA) is a Chinese company founded in 1999 and based in Hangzhou, China. The company has a workforce of 101,958 full-time employees and operates in four business segments worldwide. These segments consist of Core Commerce, Cloud Computing, Digital Media and Entertainment, Innovation Initiatives and others.
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