Zhitong Finance APP learned that Credit Suisse issued a research report, maintained Alibaba-SW (09988) “Outperform” rating, downgraded its 2022-24 fiscal year earnings per share forecast by 4% to 6%, and added e-commerce EV/EBITA The forecast is reduced from 13 times to 10 times, and the target price is lowered from 218 Hong Kong dollars to 186 Hong Kong dollars.
According to the report, the company is about to announce its results for the second fiscal quarter ending at the end of September, and revenue is expected to increase by 32% year-on-year to 204 billion yuan. The bank predicts that the adjusted EBITA is expected to fall by 22% year-on-year, mainly due to increased investment during the period and an increase in the proportion of low-margin business revenue. Credit Suisse said that with the slowdown in consumption and intensified competition, Ali’s long-term investment will increase, and profit margins may face pressure. In the future, it will focus on new businesses such as community group buying and Taobao Juhuasuan, and the gradual launch of platform interconnection to support GMV and user growth. .
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