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<Research>CLSA Upgrades Alibaba (BABA.US) to High Conviction Outperform, Hikes TP to US$165
Recommend 63 Positive 108 Negative 48 |
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CLSA released a report saying that Alibaba (BABA.US)’s results for the third fiscal quarter ended December 2024 beat forecast, with revenue rising 7.6% YoY to RMB280.2 billion, exceeding the broker's expectations by 2%. The adjusted EBITA grew 3.8% YoY to RMB54.8 billion, topping the broker's expectation by 5.5%. The broker forecast Alibaba's e-commerce customer management revenue (CMR) to maintain mid-to-high single-digit growth, and cloud computing to resume YoY growth of more than 20% in FY2026. With Alibaba's sale of Intime and Sun Art Retail, the group's profitability was envisioned to further improve. Therefore, Alibaba's adjusted earnings forecasts for FY2025, FY2026 and FY2027 were revised up by 3%, 8% and 9% to reflect expedited growth in cloud computing and reduced losses. At the same time, Alibaba's target price was revised up from US$125 to US$165, and the rating was lifted to High Conviction Outperform. AAStocks Financial News |
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