[ET Net News Agency, 14 July 2020] Daiwa Research raised its target price for Alibaba
Group (09988) to HK$294 from HK$260 and maintained its "buy" rating.
Alibaba will post its 1Q FY2021 results in August. The research house anticipates a
solid quarter with 30% revenue growth, underpinned by core-core commerce and cloud
business growth, and non-GAAP EBITA of CNY37.2bn (+8%).
Daiwa expects a further acceleration in June national online retail sales of tangible
products, due on 16 July, from +19% in April and May, and +6% in 1Q. Given the successful
June-18 shopping festival, Daiwa expects a stronger recovery in Tmall physical goods sales
for 1Q FY2021 than estimated earlier. (KL)
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09988 BABA-SW
Nominal 
75.300 +2.300 (+3.151%) Research Report
14/07/2020 15:32
{I-bank focus}Daiwa raises Alibaba Group (09988) to HK$294
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