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<Research>CICC Predicts BABA-W (09988.HK) 2FQ Revenue in Line, but Non-GAAP NP to Miss
Recommend 32 Positive 53 Negative 11 |
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CICC has issued a report predicting BABA-W (09988.HK) will see a 6.6% YoY growth in its 2QFY25 revenue to RMB239.7 billion, aligning with market expectations. However, its adjusted EBITA is estimated to miss market expectations with a YoY slump of 7.7% to RMB39.5 billion, primarily due to greater investment from Taobao & Tmall Group. Losses in local life services, digital media and entertainment, and other businesses are projected to narrow YoY. CICC lowered its FY24-FY25 non-GAAP net profit attributable to shareholders for BABA-W by 2% and 3% to RMB156.6 billion and RMB175.2 billion based on investments in Taobao & Tmall Group. The broker maintained an Outperform rating for BABA-W, with TPs for ADR and H-shares at US$112 and $109, respectively. AAStocks Financial News |
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