This is our first report on global tech giant, Alibaba. The company is currently trading close to its 52-week low with its results just around the corner. Despite the relatively soft economic conditions, it managed to offer stable revenues as well as narrowed losses in various strategic businesses by enhancing operating efficiency in the last quarter. Tmall GMV and Taobao experienced a percentage decline in the mid-single-digit in the last quarter. Despite the market volatility, consumption-related page views and daily active users of Alibaba’s Taobao app remains relatively stable. The Elmar and fresh ship business capture captured the growth opportunities in the fund grocery that fulfilled the family needs for daily necessities. The GMC of Freshippo grew and the GMV of the non-restaurant deliveries improved but the restaurant delivery volume of Ele.me was impacted negatively. Sun Art and Freshippo experienced negative impacts in the offline sales this quarter. We initiate coverage on the stock of Alibaba with a ‘Hold’ rating.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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