External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus; adjusted EBITA/non-GAAP net income for the quarter was RMB54.9bn/51.3bn, up 3.8%/6.5% YoY, 2%/11% better than consensus, driven by a 4/11% beat in adjusted EBITA of Taobao &amp; Tmall (T&amp;T) Group and Cloud Intelligence Group (CIG).</li><li>Post the results, we are becoming more constructive on Alibaba’s EBITA growth outlook in FY26E aided by increasing merchant adoption of Quanzhantui, sooner-than-expected loss reduction from Alibaba International Digital Commerce Group (AIDC), and more rapid-than-expected cloud revenue growth aided by the increase in AI inference demand across industries.</li><li>We lift SOTP-based TP to US$157.7 (was US$132.2), translating into 15x FY26E PE. Maintain BUY.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus; adjusted EBITA/non-GAAP net income for the quarter was RMB54.9bn/51.3bn, up 3.8%/6.5% YoY, 2%/11% better than consensus, driven by a 4/11% beat in adjusted EBITA of Taobao &amp; Tmall (T&amp;T) Group and Cloud Intelligence Group (CIG).Post the results, we are becoming more constructive on Alibaba’s EBITA growth outlook in FY26E aided by increasing merchant adoption of Quanzhantui, sooner-than-expected loss reduction from Alibaba International Digital Commerce Group (AIDC), and more rapid-than-expected cloud revenue growth aided by the increase in AI inference demand across industries.We lift SOTP-based TP to US$157.7 (was US$132.2), translating into 15x FY26E PE. Maintain BUY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Solid Cloud Rev Growth with Improved Earnings Growth Outlook...

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Rojana Industrial Park / Equity Bottom-Up

<ul><li>Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points.</li><li>In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,220-1,506 point range.</li><li>In the short term, a technical rebound is underway after the index hit a 4-year 3-month low at 1,236.80 points (on the morning of Monday, Feb. 17).</li></ul>

Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points.In the medium term, the index remains in a zig-zag down downtrend, searching for the bottom within the 1,220-1,506 point range.In the short term, a technical rebound is underway after the index hit a 4-year 3-month low at 1,236.80 points (on the morning of Monday, Feb. 17).

<ul><li>We expect Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.</li><li>Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.</li><li>Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Alibaba to deliver in-line-with-consensus revenue growth and nonGAAP net income for 2QFY25.Management remains committed to making investment to enhance the user experience for the core 88VIP user base amid tapering consumption sentiment, which should help at least maintain market share and lay a solid foundation for long-term monetization improvement, in our view.Pace of monetization improvement in Taobao and Tmall (T&amp;T) Group in 2QFY25 is likely already better than our expectation driven by better-thanexpected merchant adoption, and should ramp up more quickly with further increase in merchant penetration and with potential improvement in consumer sentiment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Increasing Monetization

<ul><li>Alibaba reported 1QFY25 (March year-end) results: total revenue was RMB243.2bn, up 3.9% YoY, 2.6% shy of Bloomberg consensus due to reduction of certain direct sales business and softer-than-expected customer management revenue (CMR) growth, while adjusted EBITA/non-GAAP net income for the quarter was RMB45.0bn/40.3bn, both of which were 6% better than consensus, driven by better-than-expected operating efficiency improvement across nearly all major segments.</li><li>The results demonstrated Alibaba’s capability in driving for operating efficiency improvement across business segment, in our view, and management has illustrated a clear path to drive for monetization improvement of Taobao &amp; Tmall (T&amp;T) Group in the coming quarters.</li><li>Key strategic growth areas such as Cloud Intelligence Group (CIG) and Alibaba International Digital Commerce Group (AIDC) are on track to support Alibaba’s long-term revenue and earnings growth, and the potential dual primary listing in Hong Kong and inclusion into Stock Connect could drive rerating for valuation, in our view. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba reported 1QFY25 (March year-end) results: total revenue was RMB243.2bn, up 3.9% YoY, 2.6% shy of Bloomberg consensus due to reduction of certain direct sales business and softer-than-expected customer management revenue (CMR) growth, while adjusted EBITA/non-GAAP net income for the quarter was RMB45.0bn/40.3bn, both of which were 6% better than consensus, driven by better-than-expected operating efficiency improvement across nearly all major segments.The results demonstrated Alibaba’s capability in driving for operating efficiency improvement across business segment, in our view, and management has illustrated a clear path to drive for monetization improvement of Taobao &amp; Tmall (T&amp;T) Group in the coming quarters.Key strategic growth areas such as Cloud Intelligence Group (CIG) and Alibaba International Digital Commerce Group (AIDC) are on track to support Alibaba’s long-term revenue and earnings growth, and the potential dual primary listing in Hong Kong and inclusion into Stock Connect could drive rerating for valuation, in our view. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Driving for Monetization Improvement While Maintaining Stabilizing Market Share

<ul><li>Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn, down 9.4% YoY, owing to investment to drive user experience improvement and GMV growth of domestic business, as well as international business expansion.</li><li>For FY24, total revenue reached RMB941.2bn, up 8.3% YoY, and non-GAAP net income was RMB158.4bn, up 10% YoY.</li><li>Management highlighted solid progress regarding its investment to support market share gains of core business, with Taobao &amp; Tmall (T&amp;T) Group GMV grew double digits YoY, international commerce retail revenue grew 56% YoY, and AI-related cloud revenue grew triple digits YoY in 4QFY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn, down 9.4% YoY, owing to investment to drive user experience improvement and GMV growth of domestic business, as well as international business expansion.For FY24, total revenue reached RMB941.2bn, up 8.3% YoY, and non-GAAP net income was RMB158.4bn, up 10% YoY.Management highlighted solid progress regarding its investment to support market share gains of core business, with Taobao &amp; Tmall (T&amp;T) Group GMV grew double digits YoY, international commerce retail revenue grew 56% YoY, and AI-related cloud revenue grew triple digits YoY in 4QFY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Business Adjustment Shows Greater Visibility in Delivering Results

China

Alibaba Group Holding Limited is a Chinese multinational technology company specializing in e-commerce, retail, internet, and technology, offering C2C, B2C, and B2B sales services through various marketplaces. It also provides digital media and entertainment, logistics, and cloud computing services. The company was founded in Hangzhou, China, in 1999.

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Alibaba (9988 HK)

Alibaba (BABA US) - Solid Cloud Rev Growth with Improved Earnings Growth Outlook...

Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus

CMB International

Strategic Daily Picks

Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points. In the...

Krungthai XSpring

Alibaba (BABA US) - Increasing Monetization

The stable and predictable shareholder return plan and incremental fund flow from southbound investors post stock connect inclusion both serve as...

CMB International

Alibaba (BABA US) - Business Adjustment Shows Greater Visibility in Delivering Results

Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn,...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alibaba (BABA US) - Solid Cloud Rev Growth with Improved Earnings Growth Outlook...

Alibaba reported 3QFY25 (March year-end) results: total revenue was RMB280.2bn, up 7.6% YoY, 1% better than Bloomberg consensus

CMB International

Strategic Daily Picks

Technically, the SET Index is expected to move sideways, with resistance at 1,270/1,275 points and the support at 1,254/1,244 points. In the...

Krungthai XSpring

Alibaba (BABA US) - Increasing Monetization

The stable and predictable shareholder return plan and incremental fund flow from southbound investors post stock connect inclusion both serve as...

CMB International

Alibaba (BABA US) - Driving for Monetization Improvement While Maintaining Stabilizing Market Share

Our SOTP based target price was lifted by 1.5% to US$126.9 driven by potentially better monetization outlook from CMR business. Maintain BUY.

CMB International

Alibaba (BABA US) - Business Adjustment Shows Greater Visibility in Delivering Results

Alibaba reported 4QFY24 (March year-end) results: total revenue was RMB221.9bn, up 6.6% YoY, and non-GAAP net income for the quarter was RMB25.3bn,...

CMB International