(CercleFinance.com) – Jefferies believes that the group has published a turnover and non-GAAP earnings above expectations.
Total turnover increased by 9% compared to the previous year or 4.5% and
1.7% higher than analyst and consensus estimates.
“Adjusted EBITDA was down 22% year-on-year to RMB23.4 billion (vs. consensus of RMB22 billion and our estimate of RMB21 billion). Non-GAAP net income reached RMB 19.8 billion, against consensus at
and our estimates at 18.5 billion RMB and 20.1 billion RMB, respectively,” the analyst said.
“The group serves more than one billion active consumers a year in China. It offers a high return on investment for traders and allows them to improve their results. We believe Alibaba will continue to focus on cost efficiency and seize opportunities that will arise after the pandemic.
Jefferies reiterates its buy advice on the stock with a price target lowered to $230 (vs. $276).
“In fiscal 2023, we expect the group to deliver high-quality revenue growth, driven by the development of quality consumers, digital infrastructure and technology innovations,” said Jefferies. .
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