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$Alibaba (BABA.US)$$BABA-SW (09988.HK)$ Supports around 101 ...

Supports around 101 and 91.50. May reach resistance around 120.
KGI report.
Alibaba provides technology infrastructure and marketing platforms. The Company operates through 7 segments. China Commerce segment includes China retail commerce businesses such as Taobao, Tmall and Freshippo, among others, and wholesale business. International Commerce segment includes international retail and wholesale commerce businesses such as Lazada and AliExpress. Local Consumer Services segment includes location-based businesses such as Ele.me, Amap, Fliggy and others. Cainiao segment includes domestic and international one-stop-shop logistics services and supply chain management solutions. Cloud segment provides public and hybrid cloud services like Alibaba Cloud and DingTalk for domestic and foreign enterprises. Digital Media and Entertainment segment includes Youku, Quark and Alibaba Pictures, other content and distribution platforms and online games business. Innovation Initiatives and Others segment include Damo Academy, Tmall Genie and others.
China's policymakers plan to step up support for domestic demand this year, with top policymakers repeatedly signalling their intention to harvest the spending power of China's 1.4 b people, after economic growth in 2022 slumped to one of its weakest levels in nearly half a century. Some chinese banks have launched promotions and lowered lending rates to encourage more consumer spending in China. Many leading banks have cut their consumer lending rates to below 4%, some have even offered certain consumer lending products at the minimum rate of 3.65 percent, the benchmark lending rate of China’s central bank. With China's efforts to expand domestic demand and consumption alongside its reopening, which would stimulate increased spending and household consumption, the company should expect higher consumer demand this year.
Cloud infrastructure and services are becoming a prominent part of any business that uses the web for its operations. Total revenue from its Cloud segment, before inter-segment elimination, which includes revenue from services provided to other Alibaba businesses, was RMB50,698m (USD7,127m), an increase of 5% compared to RMB48,448m in the same period of 2021. YoY growth reflected the strong revenue growth from non-Internet industries driven by financial services, public services and telecommunication industries. With cloud services being an integral part of the operations of all three of these areas, it could lead to long-term recurring revenue for Alibaba. Additionally, with the global cloud computing market projected to reach over SGD1.7 t by 2029, Alibaba's share of the cloud segment is expected to expand as well.
1H2023 revenue was RMB412,731m (USD58,021m), an increase of 2% year-over-year. Net income attributable to ordinary shareholders was RMB2,178m (US$306m), and net loss was RMB2,169m (US$305m), compared to net income of RMB46,212m in the same period of 2021.
The updated market consensus of the EPS growth in FY24/25 is 4.32%/14.59% YoY respectively, which translates to 13.62x/11.88x forward PE. Bloomberg consensus average 12-month tp is HKD142.63.
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