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Alibaba’s earnings for the first quarter of fiscal 2024 beat expectations, and Taobao Tmall Group’s CMR (customer management revenue) grew by 10% year over year, which is higher than medium-to-high single digit growth expected by Goldman Sachs and the market, the bank said in a note.
In addition, Alibaba posted a strong revenue growth in international digital commerce, local life, and Cainiao’s loss narrowed significantly, it said.
Looking ahead, Goldman expected investors to focus on recent domestic consumption trends, CMR and GMV outlook for the second quarter that ends September.
Goldman has Alibaba on its Conviction Buy List, with a target price of HK$130. Alibaba shares gained 2.3% to close the morning session on Friday at HK$89.4