Macquarie slightly raised the target price of Alibaba-SW by 2%, indicating that the effective cost control made the quarterly performance stronger

Macquarie research report pointed out that Ali's quarterly performance was strong, and the adjusted net profit during the period was 12% higher than the market expectation. The bank expects Ali to achieve cost optimization and profit recovery in the next few quarters.
Macquarie expects adjusted EBITA to increase by 26% year-on-year in the second half of the year. It is expected that the core advertising revenue in the second half of the year will increase by 2% year-on-year, which is better than the performance in the first half of the year (down 6% year-on-year).
Through improved cost control measures, the bank will increase adjusted EPADS (earnings per American depositary share) by 1% / 2% in fiscal year 2023 / 24. And raised its target price of us / Hong Kong stocks by 1% / 2% to US $150 / HK $148 respectively. Reiterate the rating of outperforming the market.