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, SELL, TP US$68) TP Change]: Return to Taobao Is a Return to Lower Take-Rate

[Alibaba (BABA US, SELL, TP US$72) Rating Change]: The Casualty of Era…Downgrade to SELL

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>BABA reported C4Q23 top line, non-GAAP operating profit and GAAP net income in-line, 3.8% and (71)% vs. our estimates. </li>
<li>The discrepancy between non-GAAP operating and GAAP net is due to restructuring charges;</li>
<li>A few clients asked what it would take to be more positive on BABA. To us, grasp of its situation and alignment of the organization must happen first...</li>
</ul>


BABA reported C4Q23 top line, non-GAAP operating profit and GAAP net income in-line, 3.8% and (71)% vs. our estimates. 
The discrepancy between non-GAAP operating and GAAP net is due to restructuring charges;
A few clients asked what it would take to be more positive on BABA. To us, grasp of its situation and alignment of the organization must happen first...


[Alibaba (BABA US, SELL, TP US$66) TP Change]: What It Takes for Us to Be More Positive on BABA?