UBS: Alibaba Accelerates Buybacks to Back Stock Price when It Falls
UBS noted that BABA has spent $5.8 billion to buy back 77 million ADSs in 1FQ24 ended June. The repurchase programme, running until March 2027, has $26.1 billion remaining.
BABA's accelerated repurchases surpass expectations, demonstrating solid execution of shareholder returns.
Looking ahead, continued buybacks and possible inclusion in the Southbound Stock Connect should support the share price.
UBS considers BABA's current valuation modest at 9x FY25 P/E and gave its US shares a target price of $105 with a Buy rating.
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