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) Target Price Change]: No Growth in March Promotion, Cut TP to US$100

[Alibaba (BABA US) Target Price Change]: Raise TP Amid Necessary Spendings in FY24

EQD | Alibaba (BABA US): Playing the Earnings Via Derivatives

Alibaba (BABA US) – Operating efficiency improvement on track

Alibaba: FY3Q23 Results Presenting An Opportunity In Disguise

China/Asia TMT

Shawn Yang

Equity Bottom-Up

Alibaba Group Holding  / Equity Bottom-Up

<ul>
<li>BABA reported F3Q23 (C4Q22) total revenue largely in line with our est. and cons. Non-GAAP net profit beat our est. and cons. by 5% and 13% YoY.</li>
<li>Taobao will face pricing pressure against JD and PDD. We expect BABA to focus on user content, which leads to improvement in app time spent and advertising. </li>
<li>We cut TP from US$130 to US$110 to reflect intensified competition in eCommerce. Maintain BUY rating due to recovery in CMR and international retail, and rebound in cloud business. </li>
</ul>


BABA reported F3Q23 (C4Q22) total revenue largely in line with our est. and cons. Non-GAAP net profit beat our est. and cons. by 5% and 13% YoY.
Taobao will face pricing pressure against JD and PDD. We expect BABA to focus on user content, which leads to improvement in app time spent and advertising. 
We cut TP from US$130 to US$110 to reflect intensified competition in eCommerce. Maintain BUY rating due to recovery in CMR and international retail, and rebound in cloud business. 


[Alibaba (BABA US) Target Price Change]: Cut TP for Intensified Competition in ECommerce