Guosen Securities: Maintains Alibaba-SW "Outperform the Market" rating with a target price of HKD 120-127

Zhitong
2024.10.14 02:08

Guosen Securities released a research report stating that it maintains an "outperform the market" rating on Alibaba-SW, with a slight adjustment to the company's FY2024-FY2026 revenue forecast to RMB 997.2 billion / 1,091.8 billion / 1,199.2 billion, with adjustments of -0.2% / -0.2% / -0.2%. This mainly reflects a slight decrease in Taotian Group's GMV growth rate compared to the previous period, with limited improvement in CMR growth rate; adjusted the company's FY2024-FY2026 adjusted net profit forecast to RMB 149.2 billion / 171.8 billion / 182.3 billion, with adjustments of +1.5% / -0.2% / -0.2%, mainly to reflect this quarter's controllable international business investment and significant improvement in UE compared to the previous period, partially offset by pressure on Taotian's profits. Adjusted the target price to HKD 120-127

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