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<Research>HSBC Research Names BABA-W as Industry Top Pick; 618 Industry GMV Growth Outshines Last Yr
Recommend 13 Positive 32 Negative 5 |
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Data shows that this year's 618 industry GMV outperformed the same period last year with a YoY increase of 15%, but slowed in comparison with last year's 27% growth during the Double 11 period, according to a report from HSBC Global Research. Package volume growth also eased from 24% last year to 16% this year. Nevertheless, the narrowed gap between GMV and package growth was possibly due to the superior trade performance of certain categories driving up average prices, and BABA-W (09988.HK) and Douyin shifting to direct discounts that led to a drop in rebate rates. HSBC Global Research maintained a Buy rating on BABA-W, JD.com, and Pinduoduo. Optimistic about its stable revenue outlook from CMR and cloud businesses, the broker named BABA-W as its top pick in the industry, with a target price staying at HKD172. AAStocks Financial News |
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