HSBC Research: Maintain Alibaba-SW “Buy” rating and target price lowered to HK$221

Summary

[HSBC Research: Maintain Alibaba-SW “Buy” rating and target price lowered to HK$221]HSBC Research released a research report that maintains Alibaba-SW (09988) “Buy” rating and downgrades the 2022-23 fiscal year non-international Net profit forecasts are 4% and 5% under accounting standards, and the target price is reduced from HK$244 to HK$221. The company will announce its quarterly results for the end of September in November. Revenue is forecast to increase by 31% year-on-year to RMB 2030 billion. The adjusted EBITA is estimated to be down 30% year-on-year.

　　HSBC Research Releaseresearch reportTo maintainAlibaba-SW(09988) “Buy” rating, downgrade the 2022-23 fiscal year non-international accounting standard net profit forecast by 4% and 5%, and the target price from 244 Hong Kong dollars to 221 Hong Kong dollars.The company will announce in November the quarter ended SeptemberPerformance, It is predicted that revenue will grow 31% year-on-year to RMB 2030 billion, and the adjusted EBITA is estimated to fall by 30% year-on-year.

The bank predicts that Tmall’s physical merchandise GMV will increase by 8% year-on-year, while the customer management revenue (CMR) of its core e-commerce business is expected to fall by 7%. Shortage, the retail market is expected to be weak in September, and it is estimated that the growth of core business revenue based on market performance will slow to 7%. HSBC Research expects that with the loss of top customers’ international business, cloud revenue growth will slow to 26%, and Cainiao’s revenue growth will also slow to 30% due to the impact of the EU’s new value-added tax measures.

(Source: Zhitong Finance Network)

Article source: Zhitong Finance Network

Editor in charge: DF134

Original title: HSBC Research: Maintain Alibaba-SW (09988) “Buy” rating and target price lowered to HK$221