The research is done by the respective broker and I do not endorse any of them. Just sharing here for information and reading pleasure.
DBS: Sun Art Retail Group – Buy Target Price HK$10.00; RMB11.30 - Alpha Edge Investing'
$SUNART RETAIL (06808.HK)$

The research is done by the respective broker and I do not endorse any of them. Just sharing here for information and reading pleasure.
DBS: Sun Art Retail Group Ltd – Hold Target Price HKD2.57 - Alpha Edge Investing
$SUNART RETAIL (06808.HK)$

$Alibaba (BABA.US)$ has reported strong revenue growth in the last few quarters despite facing regulatory backlash. But it is also important to differentiate growth within different segments of Alibaba. The Others segment within Core commerce showed 82% YoY growth in the last quarter as new acquisitions added to revenue growth. This segment consists of New Retail and includes revenue from low-margin businesses like $SUN ART RETAIL GRO (SURRY.US)$, Tmall Supermarket, Freshippo, Intime, and others.
Higher growth in Others segment has increased its revenue share to 27% compared to 20% in the year-ago quarter. If we remove the contribution of Others segment, Alibaba's revenue would have grown by 25% on a YoY basis.
Alibaba's business model is changing rapidly with revenue contributions from newer businesses becoming more important. Hence, it will be important for investors to distinguish the margin and growth potential of different businesses. The valuation model will need to be built looking at the scope of individual segments instead of the headline numbers reported by the company.

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