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<ul>
<li>We find three worrying metrics on <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding (BABA US)</a> that point to much slower growth narrative.</li>
<li>The three metrics are all related to core commerce segment (85% of sales) that has been a major driver for BABA's ADR prices.</li>
<li>The key question is if the slower growth story is temporary or structural, the latter of which could further de-rate BABA despite 25-30% ADR prices correction.</li>
</ul>


We find three worrying metrics on Alibaba Group Holding (BABA US) that point to much slower growth narrative.
The three metrics are all related to core commerce segment (85% of sales) that has been a major driver for BABA's ADR prices.
The key question is if the slower growth story is temporary or structural, the latter of which could further de-rate BABA despite 25-30% ADR prices correction.


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