Equity Analyst

Xin Yu, CFA

An equity research analyst with over 5 years of experience in multiple sectors. Previously worked for a global asset manager, covering China equities in multiple markets including A-shares/H-shares/ADRs and multiple sectors including TMT, industrial, consumer, etc. I conduct fundamental research to invest in high quality companies at an attractive valuation.

Alibaba(Baba.US/9988.HK) 4Q22 Preview: Raise TP for Margin Beat and Topline Recovery

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>December GMV was below expectations, due to elevated case counts after the relaxation of the covid restriction</li>
<li>With high return rate and more merchant supports, gap between GMV growth and CRM growth remained large in 4Q. </li>
<li>Long-Term wise, Alibaba will continue losing market share while PDD's market share may potentially surpass JD. </li>
</ul>


December GMV was below expectations, due to elevated case counts after the relaxation of the covid restriction
With high return rate and more merchant supports, gap between GMV growth and CRM growth remained large in 4Q. 
Long-Term wise, Alibaba will continue losing market share while PDD's market share may potentially surpass JD. 


Alibaba Group Holding

Alibaba 4Q Ecommerce Outlook