＜Research＞G Sachs: Taobao & Tmall Adjusts Merchant Policy, Expected to Lead to 4-14% 2HFY25E EBITA Hike

　　Goldman Sachs issued a research report, covering a series of merchant operating policy adjustments announced earlier by Taobao Tmall Group, a subsidiary of Alibaba (BABA.US) (09988.HK) -0.400 (-0.523%) Short selling $830.01M; Ratio 14.567% . The broker believed these adjustments may positively impact Taobao Tmall's take rate by 0.1-0.4 ppts in 2HFY25, and boost the subsidiary's EBITA by 4-14%. The broker believed Alibaba is also likely to further open up the WeChat payment option in its software service fee mechanism.

　　For Alibaba's upcoming 1FQ25 results ending June, Goldman forecasted Taobao Tmall to achieve mid-to-high single-digit growth in GMV and 1% growth in CMR (customer management revenue), and expected Alibaba's short-term earnings to regress. The broker believed year-to-date GMV growth is set to re-accelerate, with its growth adjustments and strategy indicating that the group's developing core business is on track.

　　The broker rated Alibaba Buy and gave a target price of HK$104 for its H-shares.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-29 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)