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<Research>G Sachs Cuts BABA-W's TP to HKD146, Chops Earnings Forecasts on Increased Investment in Food Delivery & Instant Shopping
Recommend 39 Positive 53 Negative 38 |
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BABA-W (09988.HK) was lackluster this morning (3rd). It opened 0.5% lower and once slipped by 3.8% to an intraday low of HKD105.2. It last traded at HKD106, down 3.1%, with a turnover of HKD7.873 billion. Alibaba (BABA.US) has already fallen by 16% over the past month, according to a report from Goldman Sachs. The broker summarized investors' main concerns regarding: (1) the strategic restructuring of Ele.me and Fliggy into the China e-commerce business group; (2) the latest developments in Taobao Instant Commerce and the competitive landscape of instant retail; and (3) Alibaba's performance during the 618 shopping festival. Considering its vigorous business momentum but increased investment in its food delivery and instant retail businesses, Goldman Sachs lowered its FY26-28 EPS forecasts for Alibaba by 4-13%, while raising its FY26-28 revenue forecasts by 2-4%. The broker cut its target price for Alibaba's US shares from USD159 to USD150 and for its H-shares from HKD154 to HKD146, with a Buy rating remaining in place. AAStocks Financial News |
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