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<Research>M Stanley: BABA-W's Full Sale of SUNART RETAIL Expected to Enhance Yr-end Shareholder Returns
Recommend 77 Positive 123 Negative 45 |
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BABA-W (09988.HK)'s sale of its entire stake in SUNART RETAIL (06808.HK) is in line with the former's plan to downsize its non-core businesses, Morgan Stanley released a research report saying. The broker believed that the move could enhance year-end shareholder returns, while share buybacks and dividends over the past 12 months may represent a dividend yield of 10%. Therefore, the broker rated Alibaba Group Holding (BABA.US) at Equalweight, with a target price of US$105. Since the restructuring was announced in 2023, Morgan Stanley noted a number of divestments in/ downsizing of BABA-W's non-core assets, including BILIBILI-W (09626.HK), XPENG-W (09868.HK), SENSETIME-W (00020.HK), GOGOX (02246.HK) and NETEASE MUSIC (09899.HK). As part of its efforts to enhance shareholder value, the broker believed that the Company will continue to sell off its non-core assets, which could include about US$67 billion worth of investments as of FY2024. AAStocks Financial News |
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