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

Alibaba (BABA US): Buy Ahead of March Quarter Results This Thursday

[Alibaba (BABA US, BUY, TP US$109) Earnings Review]: Taobao Growth to Return on Douyin Slow-Down

Alibaba (BABA US): What It Takes for Re-Rating

China/Asia TMT

Shawn Yang

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>We expect BABA to report C1Q23 (F4Q23) top-line and non-IFRS net income (5.0%) and (5.9%) vs. consensus, respectively, </li>
<li>Due to: 1) weak sales of Taobao, Tmall and 1P sales; 2) the on-going move of a key Cloud client; </li>
<li>We maintain US$109 TP as: 1) Taobao and Tmall sales shows recovery trend; 2) near-term benefit of unveiling its LLM AI; and 3) benefit from the new business unit structure.</li>
</ul>


We expect BABA to report C1Q23 (F4Q23) top-line and non-IFRS net income (5.0%) and (5.9%) vs. consensus, respectively, 
Due to: 1) weak sales of Taobao, Tmall and 1P sales; 2) the on-going move of a key Cloud client; 
We maintain US$109 TP as: 1) Taobao and Tmall sales shows recovery trend; 2) near-term benefit of unveiling its LLM AI; and 3) benefit from the new business unit structure.


[Alibaba (BABA US, BUY, TP US$109) Earnings Preview]: Recovery Is on the Way Amid Weakness in C1Q23