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$66) TP Change]: What It Takes for Us to Be More Positive on BABA?

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 C3Q23 revenue, non-GAAP operating profit and GAAP net income in-line, 6% and (7%) vs. our est., and in-line, in-line and (14%);</li>
<li>Instead of appointing capable management to oversee key subsidiaries, BABA backpedalled to call off its spin-off plans;</li>
<li>We cut TP from US$ 127 to US$ 72, and downgrade to SELL.</li>
</ul>


BABA reported C3Q23 revenue, non-GAAP operating profit and GAAP net income in-line, 6% and (7%) vs. our est., and in-line, in-line and (14%);
Instead of appointing capable management to oversee key subsidiaries, BABA backpedalled to call off its spin-off plans;
We cut TP from US$ 127 to US$ 72, and downgrade to SELL.


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