Core Viewpoint - Morgan Stanley's report indicates that Alibaba Health's stock price increased by approximately 27% after the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points, primarily due to positive investor sentiment regarding recent updates to online prescription drug retail sales policies [1] Group 1 - The report suggests that the impact of the new prescription drug retail sales policy is more emotional than substantive, as it does not differ significantly from existing policies [1] - The collaboration effect with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale and forms, and user retention after subsidy normalization [1] Group 2 - The revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the synergy with Taobao's fast e-commerce in user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to market promotion savings from high subsidies by Taobao, partially offset by investment from business collaboration [1] - The target price for Alibaba Health has been raised from HKD 5 to HKD 6.5, corresponding to a projected price-to-sales ratio of 2.5 times for the current fiscal year, while maintaining a "neutral" rating [1]
大行评级|摩根大通:上调阿里健康目标价至6.5港元 上调收入及经调整盈利预测