[ET Net News Agency, 3 February 2021] CMB International Securities (CMBIS) lifted its
target price for Alibaba Group Holding (09988) to HK$330.6 from HK$349.4 and maintained
its "buy" rating.
The research house said Alibaba delivered upbeat 3Q FY2021 results, with revenue/Non-
GAAP net profit +37%/+27%. Cloud achieved positive adjusted EBITA and Cainiao was
operating cash flow positive for the first time.
However, regulation headwinds are yet over, as Ant Group and Anti-monopoly Investigation
uncertainties remain. To factor in stepping up reinvestment and involving competition,
CMBIS cut its earnings forecasts by 1%/5%/4% in FY2021/22/23. (KL)