reports
- Pierre FerraguÊ
- Jin Yoon
BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and T...
What’s new: Alibaba’s reported FY2Q25 revs that were below consensus and our expectations. Taobao and Tmall take rate starts to stabilize partly driven by full-quarter impact from the software service fee and further merchant adoption of Quanzhantui. Margins could see quarterly fluctuations as BABA continues to invest in user experience. We maintain our PT at USD100. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY25: Seeking high-quality growth and gradu...
Alibaba’s 2QFY25 results are within expectations. Revenue grew 5% yoy to Rmb236.5b, slightly missing the street’s estimate. Non-GAAP net profit was Rmb36.5b, down 9% yoy and in line with consensus forecast, with net margin of 15.4%. Despite a sequential moderation in GMV growth, we saw a solid performance during the 11.11 campaign due to its strategic execution, and remain optimistic on the cloud and AIDC revenue growth outlook. Maintain BUY with a target price of HK$130.00 (US$130.00).
- Carol Dou Xiao Qin
- Colin Lee
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Roy Chen Chengzhi
- Sunny Chen
- Tham Mun Hon
Greater China Daily: Monday, November 18, 2024
KEY HIGHLIGHTS Economics Economic Activity October data showed signs of stabilisation, with industrial production slightly missing expectations at 5.3% yoy (-0.1ppt), while retail sales grew 4.8% yoy (+1.6ppt), well above forecasts. FAI ytd growth held steady at 3.4% yoy, although property FAI ytd deteriorated further, down to -10.3% yoy and below expectations. The unemployment rate saw a slight improvement. Overall, the real estate sector remains a key drag on economic performance. Results ...
Moody's Ratings assigns A1 rating to Alibaba's proposed senior unsecur...
Moody's Ratings (Moody's) has assigned an A1 senior unsecured rating to the proposed USD/CNH senior unsecured notes to be issued by Alibaba Group Holding Limited (A1 negative). "The proposed issuance will extend Alibaba's debt maturity profile, provide higher financial flexibility and support ste...
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: PHM Group, Rekeep, Air Baltic, Telecom Italia, Digi Communications, Huhtamaki, Boels, Nomad Foods (Iglo), Arxada, Ardagh, Softbank Group, Samvardhana Motherson, Borr Drilling, Iceland Foods
- Trung Nguyen
- Pierre FerraguÊ
- Julia Pan Mengyao
- Ming San Soong
China Internet: Revitalising momentum evident in initial phase of 11.1...
Data from the initial phase of the 11.11 campaign set a compelling prelude to a high single-digit GMV growth in 2024. We expect the combination of government trade-in subsidies and 11.11 discounts to stimulate consumer demand, particularly with home appliances and 3C digital products taking the spotlight. We anticipate stabilised competition between traditional and livestreaming e-commerce with a strong emphasis on shelf-based e-commerce. Maintain MARKET WEIGHT.
- Julia Pan Mengyao
- Ming San Soong
China Internet: Encouraging monetisation visibility from adtech and LL...
Lately, internet companies convened their respective AI conferences, unveiling a wide range of upgraded AI products that showcase their AI infrastructure development and AI monetisation potential. We opine that the prevailing trend in adtech upgrades focuses on enhancing marketing efficiency and driving GMV growth, resulting in monetisation improvement. We remain optimistic in view of the favourable regulatory environment and industry development. Maintain MARKET WEIGHT.
- Felix Fischer
Asia Monthly - October 2024 In Review - Lucror Analytics
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in October 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
M04 MGM CHINA HOLDINGS LIMITED
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
JSWSTEEL JSW STEEL LIMITED
00813 SHIMAO GROUP HOLDINGS LIMITED
XGH CHINA WATER AFFAIRS GROUP LIMITED
00817 ENN ENERGY HOLDINGS LIMITED
CHINA JINMAO HOLDINGS GROUP LIMITED
01238 CENTRAL CHINA REAL ESTATE LIMITED
00992 POWERLONG REAL ESTATE HOLDINGS LTD.
VED LENOVO GROUP LIMITED
02777 VEDANTA RESOURCES PLC
03383 GUANGZHOU R&F PROPERTIES CO. LTD. CLASS H
GJTL AGILE GROUP HOLDINGS LIMITED
TATASTEEL PT GAJAH TUNGGAL TBK
4755 TATA STEEL LIMITED
MEDC RAKUTEN INC.
ICT PT MEDCO ENERGI INTERNASIONAL TBK
01098 INTERNATIONAL CONTAINER TERMINAL SERVICES INC.
00603 ROAD KING INFRASTRUCTURE LIMITED
OL5 CHINA OIL & GAS GROUP LTD.
Z25 SHUI ON LAND LTD.
LPKR YANLORD LAND GROUP LIMITED
SXC PT LIPPO KARAWACI TBK
03377 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00880 SINO-OCEAN GROUP HOLDING LTD.
INDY SJM HOLDINGS LIMITED
8WY PT INDIKA ENERGY TBK
01668 WYNN MACAU LTD.
WFG1 CHINA SOUTH CITY HOLDINGS LIMITED
SCNR WEST CHINA CEMENT LTD.
01030 SUNAC CHINA HOLDINGS LTD.
00884 SEAZEN GROUP LTD.
JPFA CIFI HOLDINGS (GROUP) CO. LTD.
00142 JAPFA COMFEED INDONESIA
600803 FIRST PACIFIC CO. LTD.
PBRX ENN ECOLOGICAL HOLDINGS (A)
KIJA PT PAN BROTHERS TBK
BIOCON PT KAWASAN INDUSTRI JABABEKA TBK CLASS A
9984 BIOCON LIMITED
SM SOFTBANK GROUP CORP.
00405 SM INVESTMENTS CORPORATION
KOU YUEXIU REAL ESTATE INVESTMENT TRUST
VLL KWG GROUP HOLDINGS LIMITED
00656 VISTA LAND & LIFESCAPES INC.
ADANIPORTS FOSUN INTERNATIONAL LIMITED
5AO ADANI PORTS & SPECIAL ECONOMIC ZONE LTD.
PWON ANTON OILFIELD SERVICES GROUP
ICBP PT PAKUWON JATI TBK
TBIG PT INDOFOOD CBP SUKSES MAKMUR TBK
599A PT TOWER BERSAMA INFRASTRUCTURE TBK
TATAMOTORS SANDS CHINA LTD.
ADANITRANS TATA MOTORS LIMITED
POWR ADANI TRANSMISSION LTD.
1171 PT CIKARANG LISTRINDO TBK
AZRE YANZHOU COAL MINING CO. LTD. CLASS H
01112 AZURE POWER GLOBAL LTD.
MSC HEALTH AND HAPPINESS (H&H) INTERNATIONAL HOLDINGS LIMITED
ADANIGREEN STUDIO CITY INTERNATIONAL HOLDINGS ADS
00017 ADANI GREEN ENERGY LIMITED
RNW NEW WORLD DEVELOPMENT CO. LTD.
PGEO RENEW ENERGY GLOBAL PLC
PT. PERTAMINA GEOTHERMAL ENERGY
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key takeaways from marketing trip.
The key concerns of investors include the sustainability of the recent rally and potential fundamental changes upon policy rollout. We think a valuation repair is underway with the upcoming 11.11 campaign and 3Q/4Q24 results release as a critical juncture. Investors are also becoming increasingly optimistic on mega-cap names such as Tencent, Meituan, Alibaba and JD in view of a favourable regulatory backdrop and stabilised competitive environment. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
Taobao and Tmall Group Kicks Off 11.11 Global Shopping Festival 2024 w...
EQS Newswire / 14/10/2024 / 07:00 CET/CEST HANGZHOU, CHINA - - 14 October 2024 - Taobao and Tmall Group ("TTG"), Alibaba Group's domestic commerce business, is kicking off its 16th 11.11 Global Shopping Festival ("11.11" or "Festival") today by putting users first with unprecedented shopping incentives. TTG will offer RMB30 billion ( ~US$4.2 billion) worth of vouchers and red packets in anticipation of the record-high volume of users participating in this year's Festival. "This year's 11.11 is unfolding as Chinese consumer sentiment is improving. TTG serves China's largest and most val...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Government policy rollout to boost consumption and dri...
In view of a stronger-than-expected government policy rollout, we reckon that the improved consumption sentiment will benefit e-commerce, local life services and OTA companies. In 2H24, we expect the undemanding valuations of internet companies to be repaired by shareholder returns, cross-border expansion and easing competition. Meanwhile, we believe monetisation momentum will be fuelled by AIGC development and adtech upgrades. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 PINDUODUO PDD US
02423 BAIDU INC
09961 KE HOLDINGS INC.
CTRIP.COM INTERNATIONAL
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly 2024 Q4
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): Key takeaways from Apsara Conference 2024.
On 19 Sep 24, Alibaba Apsara Conference 2024 (“云栖大会”) kicked off in Hangzhou. AliCloud officially launched Qwen 2.5, with its flagship model, Qwen 2.5-72B surpassing Llama 405B in performance. AliCloud is committed to investing in AI infrastructure, laying the foundation for AI-driven innovation. AliCloud also reiterated its focus on foundational model development, application innovation and open-source initiatives. Maintain BUY with a target price of HK$95.00 (US$95.00).
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Monday, September 23, 2024
KEY HIGHLIGHTS Update Alibaba Group (9988 HK/BUY/HK$87.20/Target: HK$95.00) On 19 Sep 24, Alibaba Apsara Conference 2024 (“云栖大会”) kicked off in Hangzhou. AliCloud officially launched Qwen 2.5, with its flagship model, Qwen 2.5-72B surpassing Llama 405B in performance. AliCloud is committed to investing in AI infrastructure, laying the foundation for AI-driven innovation. AliCloud also reiterated its focus on foundational model development, application innovation and open-source initiatives. ...
Alibaba Cloud Empowers Customers and Partners with its Proven Large Mo...
EQS Newswire / 20/09/2024 / 05:15 CET/CEST Global Cloud Leader Collaborates with NVIDIA, XPENG, miHoYo, Atlas, Codium, UNESCO-ICHEI to Drive the Future of Mobility, Gaming, Travel, IT and Education HANGZHOU, CHINA - - 20 September 2024 - Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, today announced at its annual flagship event Apsara Conference that its proprietary foundational model Tongyi has attracted over 300,000 customers via its generative AI platform, Model Studio, a significant jump from 90,000 revealed in May. Leveraging Alibaba Cloud's Tongy...
- Chris Hoare
Japanese Telcos - Takeaways from Meetings with the Japanese Telcos + R...
We met with all 3 of the incumbent Japanese Telcos & Rakuten in Tokyo this week. Every time we visit, we are reminded of how much better the telco industry is in Japan vs other DMs, as the MNOs continue to expand their scope of operations beyond traditional telco driving higher returns and growth.
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