External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.</li><li>Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.</li><li>Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect Alibaba to deliver in-line-with-consensus revenue growth for 4QFY24.Although escalated investment in international business, cloud, and Taobao and Tmall (T&amp;T) Group, as well as strategically important new businesses is likely to put some short-term pressure on margin expansion, we remain positive on Alibaba’s long-term growth potential.Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and dividend payout, which in our view should provide support for near-term valuation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We expect Alibaba to report CY1Q24 top-line, non-GAAP EBITA and non-GAAP net income in-line, (14.2%) and (7.4%) vs. consensus. We cut non-GAAP EBITA by 10% and kept topline unchanged;</li>
<li>BABA is prioritizing growth of both AliCloud and cross-border ecommerce (AliExpress), which will weaken profitability in the near-term but is the right thing to do. </li>
<li>BABA is transforming itself into Chinese Microsoft with hopes of e-commerce mainly pinned on overseas. We maintain BUY and US$ 85 TP, implying 9.5x CY24 P/E.</li>
</ul>


We expect Alibaba to report CY1Q24 top-line, non-GAAP EBITA and non-GAAP net income in-line, (14.2%) and (7.4%) vs. consensus. We cut non-GAAP EBITA by 10% and kept topline unchanged;
BABA is prioritizing growth of both AliCloud and cross-border ecommerce (AliExpress), which will weaken profitability in the near-term but is the right thing to do. 
BABA is transforming itself into Chinese Microsoft with hopes of e-commerce mainly pinned on overseas. We maintain BUY and US$ 85 TP, implying 9.5x CY24 P/E.


Spending on Customers Precedes Customer Spending

Analyst

Steve Zhou, CFA

<ul>
<li>It is well-known that Alibaba (ADR) (BABA US) is cheap (9x FY24 PE, fiscal year ending March; 8x FY23 free cash flow; net cash 25% of market cap).</li>
<li>Taking into account all of the major moving parts, I believe Alibaba can now be categorized as a good value stock. </li>
<li>Shareholder returns through buyback and dividend, minus stock-based compensation in 2023 calendar year equal to around 5% yield.</li>
</ul>


It is well-known that Alibaba (ADR) (BABA US) is cheap (9x FY24 PE, fiscal year ending March; 8x FY23 free cash flow; net cash 25% of market cap).
Taking into account all of the major moving parts, I believe Alibaba can now be categorized as a good value stock. 
Shareholder returns through buyback and dividend, minus stock-based compensation in 2023 calendar year equal to around 5% yield.


Alibaba (9988 HK):  Value Proposition Looks Clean

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>The revenue growth rate rose to 14% in 1Q24, compared to the past four stagnant quarters.</li>
<li>All businesses continued to improve their margins, so that the general operating margin rose to 19% in 1Q24 versus 12% in 1Q23.</li>
<li>We believe the re-organization is successful and the stock price is overly impacted. Buy.</li>
</ul>


The revenue growth rate rose to 14% in 1Q24, compared to the past four stagnant quarters.
All businesses continued to improve their margins, so that the general operating margin rose to 19% in 1Q24 versus 12% in 1Q23.
We believe the re-organization is successful and the stock price is overly impacted. Buy.


Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join any meeting initiated on DingTalk without first registering.</li><li>DingTalk users can now share a meeting link with WeChat users, who can enter the meeting within WeChat.</li><li>Previously, DingTalk required participants to download its meeting app and register.</li></ul>

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join any meeting initiated on DingTalk without first registering.DingTalk users can now share a meeting link with WeChat users, who can enter the meeting within WeChat.Previously, DingTalk required participants to download its meeting app and register.

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms 

China

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

PDD Holdings Inc. is a multinational commerce group that owns and operates a portfolio of businesses. The Company focuses on digital economy so that local communities and small businesses can benefit from the increased productivity and new opportunities. PDD Holdings has built a network of sourcing, logistics, and fulfillment capabilities for its underlying businesses.

Prosus N.V. provides internet based services. The Company focuses on investments in internet, digital media, e-commerce retailing, and consumer internet companies. Prosus serves customers worldwide.

Hainan Island Construction Co Ltd.  is a property development company. The Company also operates regional malls and hotels.

Guangzhou Friendship Group Co., Ltd operates supermarkets and department stores in Guangzhou, China.  The Company sells a variety of consumer products, including apparel, food and beverages, electronics, jewelry, cosmetics, and electric appliances.  Guangzhou Friendship also leases real estate properties.

Guangzhou Friendship Group Co, Ltd. (000987 CH)

Golden Eagle Retail Group Limited operates department stores in China. The Company's stores target mid-range and high-end market segments in China, and contain various functions and amenities such as dining, entertainment, beauty and personal care, cinemas, and preschool education in addition to their core function as an international department store.

Tianjin Quanye Bazaar (Group) Co., Ltd. owns and operates department stores and supermarkets, as well as sells general merchandise on a wholesale basis. Tianjin Quanye also provides storage and cargo delivery services, and invests in real estate and interior decoration businesses.

Xian International Medical Investment Co Ltd is principally engaged in the medical services industry.

Xian International Medical Invest (000516 CH)

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Target Corporation operates general merchandise discount stores. The Company focuses on merchandising operations which includes general merchandise and food discount stores and a fully integrated online business. Target also offers credit to qualified applicants through its branded proprietary credit cards.

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Next Plc conducts retailing, home shopping, and customer services management operations.  The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

Dollarama Inc. operates as an online marketplace. The Company offers cleaning, school, office, home, kitchen, food, health, beauty, hardware, electronics, toys, and pets products, as well as provides delivery services. Dollarama serves customers in Canada.

MercadoLibre, Inc. operates an online trading site for the Latin American markets. The Company's website allows businesses and individuals to list items, conduct sales, and purchases online in either a fixed-price and auction format. MercadoLibre offers classified advertisements for motor vehicles, vessels, aircraft, and real estate, as well as online payment services.

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Alibaba Group Holding (9988 HK)

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and...

CMB International

Spending on Customers Precedes Customer Spending

Alibaba expected to report in-line earnings, prioritizing growth of AliCloud and AliExpress despite near-term profitability concerns. Maintaining...

Blue Lotus Research Institute

Alibaba (9988 HK): Value Proposition Looks Clean

According to public news, Jack Ma has written a long post in Alibaba's internal website, titled "To reform, to innovation". This is the first...

Steve Zhou, CFA

Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

The revenue growth rate rose to 14% in 1Q24, compared to the past four stagnant quarters. All businesses continued to improve their margins. We...

Ming Lu

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba (BABA US) - Driving Long-Term Growth While Enhancing Shareholder Return

Alibaba remains committed to improving shareholder return by achieving loss reduction in non-core business, and enhancing share buyback and...

CMB International

Spending on Customers Precedes Customer Spending

​Alibaba expected to report in-line earnings, prioritizing growth of AliCloud and AliExpress despite near-term profitability concerns. Maintaining...

Blue Lotus Research Institute

Alibaba (9988 HK): Value Proposition Looks Clean

According to public news, Jack Ma has written a long post in Alibaba's internal website, titled "To reform, to innovation". This is the first...

Steve Zhou, CFA

Alibaba (9988 HK): 1Q24, Brilliant Result After Reorganization, 90% Upside

The revenue growth rate rose to 14% in 1Q24, compared to the past four stagnant quarters. All businesses continued to improve their margins. We...

Ming Lu

Alibaba, Tencent Continue to Tear Down Walls Between Their Meeting Platforms

Alibaba Group’s office messaging and meeting app DingTalk is allowing users of Tencent Holdings’ rival social media app WeChat to directly join...

Caixin Global

Alibaba expected to report in-line earnings, prioritizing growth of AliCloud and AliExpress despite near-term profitability concerns. Maintaining...