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麦格理：将阿里巴巴目标价由161.6港元下调至159.9港元 评级跑赢大市

Macquarie: Lowering Alibaba's target price from HK$161.6 to HK$159.9, outperforming the market

Moomoo 24/7 ·  Feb 24, 2023 10:44
According to a report published by Macquarie, Ali's performance in the fourth quarter of last year was strong, with adjusted profits higher than the bank's and market expectations of 3% and 19% respectively. Meanwhile, management continues to commit to its three-pillar strategy, setting a positive tone for longer-term growth prospects for consumption, cloud computing, and globalization. The bank expects that the growth gap between the group's core advertising and commodity transaction volume (GMV) will eventually narrow, mainly due to increased consumer confidence in non-essential goods and the recovery of logistics networks after the Spring Festival this year. It is estimated that Ali's customer management revenue (CMR) will drop 2% year-on-year in the first quarter of this year, while GMV is expected to fall 3%. Macquarie lowered its target price slightly to HK$159.9, maintained its outperforming market rating, and lowered the Group's revenue forecasts for fiscal years 2023 and 2024 by 1% and 2%, reflecting weak online sales during the Spring Festival. As for non-GAAP EBITA, it also fell by 2%, respectively.
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