Zhitong Financial APP learned that BoCom International released a research report that maintained$BABA-SW (09988.HK) $According to the "Buy" rating, revenue for the fiscal fourth quarter to the end of March is expected to be 200.1 billion yuan, up 7% from a year earlier, compared with market expectations of 203 billion yuan. The quarterly adjusted EBITA is expected to be about 12.4 billion yuan, down 45% from a year earlier, and the target price is lowered to HK $161.
The bank said that the epidemic still affected the growth of e-commerce transactions in the short term, and the platforms continued to strengthen the support of small and medium-sized businesses, so the realization rate is expected to decline compared with the same period last year. Gross merchandise trading (GMV) growth is also expected to be in the low single digits range for the quarter to the end of June and return to high single digits in the second half of the year. As for BABA's other business, it is also greatly affected by the epidemic and overseas uncertain factors. It is suggested that we should pay attention to the foundation of the company's core business and permeable market space, the impact of the epidemic is still a short-term factor, the trend of economic improvement remains unchanged, and the company's valuation is still attractive.