10 Apr 2025 CMB International Global Markets | Equity Research | Company Update Alibaba (BABA US) Positive profitability growth of core e- commerce business likely to sustain We expect Alibaba to deliver in-line-with-consensus revenue growth and adjusted EBITA for 4QFY25 (March year-end). For core domestic e-commerce business, driven by healthy GMV growth and an increase in monetization rate aided by incremental technology service fee charges and the increase in penetration of Quanzhantui, Alibaba could sus ...

Core Viewpoint - Investors in the Internet - Commerce sector should consider Alibaba (BABA) as a more attractive option compared to Coupang, Inc. (CPNG) for undervalued stocks based on various financial metrics and rankings [1]. Valuation Metrics - Alibaba has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings outlook, while Coupang has a Zacks Rank of 3 (Hold) [3]. - BABA's forward P/E ratio is 9.18, significantly lower than CPNG's forward P/E of 54.55, suggesting that BABA is undervalued [5]. - The PEG ratio for BABA is 0.30, while CPNG's PEG ratio is 54.01, further indicating BABA's better valuation in terms of expected earnings growth [5]. - BABA's P/B ratio is 1.59, compared to CPNG's P/B of 8.70, highlighting BABA's superior market value relative to its book value [6]. Investment Conclusion - Given the stronger estimate revision activity and more attractive valuation metrics, BABA is positioned as the superior choice for value investors at this time [7].

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, April 9th:Hang Seng Bank (HSNGY) : This world-class financial institution and one of Hong Kong's largest listed companies in terms of market capitalization, has a Zacks Rank #1(Strong Buy), and witnessed the Zacks Consensus Estimate for its current year earnings increasing 5.8% over the last 60 days.Hang Seng Bank’s shares gained 3% over the last three month compared with the S&P 500’s decline of 15.8%. ...

报告原因：强调原有的投资评级 买入（维持） 上 市 公 司 互联网电商 2025 年 04 月 09 日 阿里巴巴 (BABA) ——核心电商延续增势，AI 驱动集团新科技周期 | 市场数据： | 2025 年 4 月 8 日 | | --- | --- | | 收盘价（美元） | 99.37 | | 纳斯达克指数 | 15267.91 | | 52 周最高/最低（美元） | 148.43/67.48 | | 美股市值（亿美元） | 2375 | | 流通股（亿股） | 191 | | 汇率（人民币/美元） | 7.34 | 一年内股价与基准指数对比走势： -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% IXIC.GI BABA.N 资料来源：Bloomberg 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 李秀琳 (8621)23297818× lixl2@swsresearch.com 投资要点： 财务数据及盈利预测 | | FY23 | FY24 | FY25E | FY26E | FY27E ...

In the ever-evolving landscape of global e-commerce, Alibaba Group (BABA) and Amazon.com (AMZN) continue to dominate the digital marketplace. Both companies have transformed shopping habits across continents, built massive cloud computing operations, and expanded into various technological frontiers. While Amazon has established itself as the e-commerce leader in Western markets, Alibaba has cemented its position as the undisputed e-commerce powerhouse in China and is rapidly expanding its international pre ...

The stock market is not thinking; it is only feeling, and this is when savvy investors can make the most returns for the months to come in their portfolios. Considering that the volatility breakout in the S&P 500 is coming due to new trade tariffs announced by President Trump, short-minded participants have decided to abandon all hope in the companies considered great just a few weeks ago. Alibaba Group TodayBABAAlibaba Group$105.92 -10.62 (-9.11%) 52-Week Range$68.36▼$148.43Dividend Yield0.93%P/E Ratio15. ...

Group 1: Market Overview - U.S.-listed shares of Chinese companies are experiencing significant declines due to rising investor anxiety over new tariffs, particularly after President Trump threatened additional levies if Beijing does not retract its retaliatory duties [1] - Major companies such as Alibaba, JD.com, and PDD Holdings are all trading sharply lower, raising concerns about the impact of escalating trade tensions on cross-border business and consumer demand [1] Group 2: Alibaba Group - Alibaba Group's stock has decreased by 11.2% to $103.45, marking its third consecutive weekly loss and a total decline of 25.9% over the past month [2] - The stock is on track for its 11th loss in the last 13 sessions and is trading below its 126-day moving average for the first time since late January, testing a key psychological support level at $100 [2] Group 3: JD.com - JD.com’s stock is down 8.6% to $33.61, with a total loss of 31.7% over the past six months and a decline of 7.1% in 2025 [3] - The stock is trading below its 160-day moving average for the first time since late September and is at risk of closing below $34, a level not breached since mid-January [3] Group 4: PDD Holdings - PDD Holdings' stock has fallen 6.8% to $97.17, heading for its eighth loss in the past 10 sessions and dropping below the $100 mark for the first time since early February [4] - Although shares are flat year-to-date, they have decreased by 16.5% over the last 12 months and are trading below all major short- and long-term moving averages, indicating broad technical weakness [4]

Core Viewpoint - Michael Burry's investment in Chinese technology stocks, particularly Alibaba, initially showed significant gains but has recently faced substantial losses due to market volatility and stock price declines [1][2]. Group 1: Investment Performance - In Q1 2025, Burry's portfolio was highly successful, with Alibaba shares rising over 50% during the AI boom [1]. - On April 4, 2025, Burry's three largest holdings lost $3.76 million in a single day, with Alibaba down 9.89% to $116.54, JD.com down 7.74% to $36.81, and Baidu down 8.21% to $82.43 [3]. - As of April 7, 2025, the losses continued, with predictions indicating a potential loss of $6.3 million if U.S. stock prices mirrored those in China [5][6]. Group 2: Market Conditions - The Hong Kong benchmark HSI index fell 13.22% on April 7, 2025, influenced by reciprocal tariffs between the U.S. and China [5]. - Year-to-date, Alibaba shares were down 17.98%, Baidu down 14.01%, and JD.com down 15.51% [6]. - The performance of these stocks in the U.S. market is expected to align closely with their performance in China, raising concerns for Burry's investments [7]. Group 3: Future Outlook - There is uncertainty regarding whether Burry sold his stakes in these companies while they were still trading high or if he missed the opportunity during the Q1 rally [8].

Core Viewpoint - Alibaba Group has shown significant stock performance recovery, with shares rallying 56% in Q1 2023 despite broader market declines, indicating a potential new era for the company [2][7]. Group 1: Stock Performance - Alibaba shares increased by 56% during Q1 2023, contrasting with a 10% decline in the Nasdaq Composite, marking its best quarter since early 2022 [2]. - As of the end of last month, Alibaba shares were 56% above their closing price at the end of calendar 2024 [7]. Group 2: Contributing Factors - The return of co-founder Jack Ma has positively influenced investor sentiment, as he has been actively encouraging employees and maintaining a public presence [4]. - The announcement of Alibaba's AI platform, Qwen 2.5-Max, outperforming previous versions and its integration into Apple’s iPhones in China has bolstered the company's market position [5]. - Alibaba reported an 8% top-line growth for the fiscal quarter ending in December, exceeding analysts' expectations for revenue and earnings, contributing to a rise in stock value [6]. Group 3: Market Sentiment and Analyst Ratings - Despite recent profit-taking and concerns over new tariffs, the overall sentiment remains bullish, with most analysts rating Alibaba stock as a strong buy [9].

Core Viewpoint - Alibaba's shares have experienced a significant decline, losing up to 13.9% in value, primarily due to new tariffs imposed by the U.S. government targeting Chinese e-commerce platforms [1][4]. Group 1: Impact of Tariffs - President Trump's executive order has eliminated the de minimis tariff exemptions for packages valued up to $800 from China and Hong Kong, meaning all shipments will now be subject to tariffs regardless of their value [2]. - The U.S. government has accused Chinese companies, including Alibaba, of engaging in "deceptive shipping practices," which have exploited the de minimis exemption to smuggle illicit substances [3]. Group 2: Market Dynamics - The volume of de minimis shipments entering the U.S. surged to 1.36 billion last year, a significant increase from 139 million in 2015, indicating a growing reliance on low-value imports from Alibaba and its competitors [3]. - The changes in tariff policy represent a substantial disruption for Alibaba, necessitating adjustments to its cross-border business model to remain competitive in the market [4].