{"id":10394,"date":"2023-05-18T09:58:08","date_gmt":"2023-05-18T13:58:08","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/alibaba-beats-becomes-one-of-the-most-shareholder-friendly-companies\/"},"modified":"2023-05-18T09:58:08","modified_gmt":"2023-05-18T13:58:08","slug":"alibaba-beats-becomes-one-of-the-most-shareholder-friendly-companies","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10394","title":{"rendered":"Alibaba Beats, Becomes One Of The Most Shareholder-Friendly Companies"},"content":{"rendered":"<div>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Alibaba Earnings Overview<\/h3>\n<p>After the Hong Kong close\/before the US market open, Alibaba reported March quarter and fiscal year results. The results beat analyst expectations, though they missed revenue slightly in CNY revenue, they beat revenue in US dollars. Revenue was the highest ever, except for Q3 which always has a big jump due to the Singles Day sales event.<\/p>\n<p>Fiscal year revenue was also the highest level ever +2% year over year (YoY). The core-China e-commerce business had a small negative -3% YoY revenue growth though management\u2019s focus on costs led to a strong uptake in the bottom line. Cloud revenue was also weak, while logistics arm Cainiao posted strong revenue growth +18% and international e-commerce revenue growth +29%.<\/p>\n<p>Alibaba is much further along in its planned move to become a holding company of the six major business groups as they announced the Board of Directors for each of the six companies and the formation of a Capital Management Committee focused on \u201cenhancing shareholder value.\u201d The company will spin off the Cloud Intelligence Group via a stock dividend as the unit becomes a publicly listed company in the next twelve months. Cainiao Smart Logistics and grocery chain Freshippo have been approved to \u201cexplore an initial public offering\u201d in the next 12 to 18 months for the former and 6 to 12 months for the latter. In the release, the company announced it had bought 21.5mm ADRs for $1.9B, with another $19.4B to spend on buybacks through March 2025.<\/p>\n<ul>\n<li>Revenue grew +2% to RMB 208.2B ($30.316B) versus analyst expectations RMB 209.1B versus YoY comparison of RMB 204B<\/li>\n<li>Adjusted Net Income increased +38% to RMB 27.375B ($3.986B) versus analyst expectations RMB 24.5B versus YoY comparison of RMB 21.4B<\/li>\n<li>Adjusted EPS increased +35% to RMB 10.71 ($1.56) versus RMB 9.44 versus YoY comparison of RMB 7.95<\/li>\n<li>Cash on the balance sheet increased to RMB 560B ($81B) from RMB 446B year over year as free cash flow increased +74% to RMB 171B ($24.9B) from RMB 98.8B<\/li>\n<\/ul>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>Pro-shareholder language:<\/p>\n<p>\u201cWe are taking concrete steps towards unlocking value from our businesses and are pleased to announce that our board has approved a full spin-off of the Cloud Intelligence Group via a stock dividend distribution to shareholders.\u201d<\/p>\n<p>\u201cWe have established a capital management committee at the Alibaba board level to undertake a comprehensive capital management plan to enhance shareholder value. Alibaba is committed to improving shareholders\u2019 return through the implementation of a robust capital allocation framework,\u201d said Toby Xu, Chief Financial Officer of Alibaba Group. \u201cWe are delighted to share that our board has approved the process to start external financing for Alibaba International Digital Commerce Business Group; exploration of IPO for Cainiao Smart Logistics Group; and execution of IPO for Freshippo.\u201d<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Key News<\/h3>\n<p>Asian equities were largely higher overnight as investors cheered progress or perceived progress on addressing\/kicking the can on the US debt ceiling.<\/p>\n<p>Hong Kong outperformed though many dual-listed names didn\u2019t rise as much as their US ADRs did on Wednesday. Hong Kong\u2019s most heavily traded Tencent -0.88%, Alibaba HK +2.69%, Meiutan +0.38%, China Mobile +1.94%, Baiudu HK +1.45% and BYD +1.75%.<\/p>\n<p>Tencent was off as the media highlighted that the revenue beat, but missed on adjusted net income and adjusted EPS. Yes, advertising was slightly weaker than anticipated, but the company stated a one-time increase in their tax rate, which hurt the bottom line. See any headlines on Tencent\u2019s quarterly revenue being its HIGHEST ever? Me neither! Mainland investors in China noticed as Tencent was a large net buy via Southbound Stock Connect. Tencent management noted \u201cdomestic consumption recovery\u201d similar to JD.com noting Q2 sales were outpacing Q1 sales, and Baudi\u2019s Robin Li stating \u201conline marketing business has seen a positive impact from China\u2019s overall economic improvement.\u201d<\/p>\n<p>An element of today\u2019s Hong Kong gain is the belief policymakers will step on the stimulus gas after April\u2019s economic data. Worth noting that online real estate firm KE Holdings (BEKE US, 2423 HK) beat analyst expectations as gross transaction value increased +65.8% year over year while revenue +61.6% as management kept costs down. Mainland China posted small gains though CNY depreciated versus the US dollar as currency traders appear to believe further easing is coming. Bonds rallied on equity weakness and potentially on the belief of a rate cut. Foreign investors were small net sellers of mainland stocks. Australia and China are making small steps to improve their economic relationship with their Prime Minister potentially visiting China. Too bad Biden doesn\u2019t do the same since only an hour away from Beijing. China\u2019s diplomatic team is in Kyiv, having met with President Zelenskiy and other Ukraine leaders.<\/p>\n<p>The Hang Seng and Hang Seng Tech gained +0.85% and +1.21% on volume -2.93% from yesterday, 83% of the 1-year average. 270 stocks advanced, while 208 stocks declined. Main Board short turnover declined -15.92% from yesterday, 87% of the 1-year average, as 17% of turnover was short turnover. Value factors outperformed growth factors as large caps outpaced small caps. The top sectors were energy +2.62%, tech +2.08%, and financials +2.01%, while healthcare -1.5%, utilities -1.06%, and real estate -0.29%. The top sub-sectors were media, technical hardware, and semis, while food, pharma, and healthcare equipment were the worst. Southbound Stock Connect volumes were light as mainland investors bought $221mm of Hong Kong stocks, with Tencent a large net buy and Meituan a small net sell.<\/p>\n<p>Shanghai, Shenzhen, and STAR Board gained +0.4%, +0.13%, and +0.5% on volume +12.47% from yesterday, 95% of the 1-year average. 2,136 stocks advanced, while 2,492 stocks declined. Value factors outpaced growth factors, while large caps outpaced small caps. The top sectors were communication +0.6%, energy +0.48%, and tech +0.38%, while staples -1.37%, industrials -1.32%, and real estate -1.31%. The top sub-sectors were internet, communication equipment, and computer hardware, while agriculture, power generation equipment, and restaurants were the worst. Northbound Stock Connect volumes were light as foreign investors sold -$261mm of mainland stocks, with Kweichow Moutai a small\/moderate sell, Foxconn a small sell, and Ping An a very small sell. CNY fell -0.57% to 7.03 while the Asia dollar index was off -0.27%. Treasury bonds rallied while copper and steel gained.<\/p>\n<p><strong>Upcoming Event<\/strong><\/p>\n<p>Join us Wednesday, June 7th at 8:30 am EDT for our virtual conference:<\/p>\n<p><strong>KraneShares Global Climate &amp; Carbon Virtual Investment Summit<\/strong><\/p>\n<p>Click here to register<\/p>\n<p><em>Please note the above link is for the virtual registration page. For those who wish to attend the event at the New York Stock Exchange on Wednesday, June 7th, there are still a limited number of seats available for the in-person conference. Click <\/em><em data-ga-track=\"ExternalLink:https:\/\/kraneshares.com\/live-events\/kraneshares-global-climate-carbon-investment-summit\/?adsource=forbes\">here <\/em><em>to register. Registration for the in-person event is open to financial professionals only.<\/em><\/p>\n<p><strong><em>4.5 CFP &amp; CIMA CE Credits Available<\/em><\/strong><\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Last Night&#8217;s Performance<\/h3>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Last Night\u2019s Exchange Rates, Prices, &amp; Yields<\/h3>\n<ul>\n<li>CNY per USD 7.04 versus 7.00 yesterday<\/li>\n<li>CNY per EUR 7.61 versus 7.57 yesterday<\/li>\n<li>Asia Dollar Index -0.27% overnight<\/li>\n<li>Yield on 10-Year Government Bond 2.72% versus 2.72% yesterday<\/li>\n<li>Yield on 10-Year China Development Bank Bond 2.88% versus 2.89% yesterday<\/li>\n<li>Copper Price +1.96% overnight<\/li>\n<li>Steel Price +0.52% overnight<\/li>\n<\/ul>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/brendanahern\/2023\/05\/18\/alibaba-beats-as-it-becomes-one-of-the-most-shareholder-friendly-companies\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alibaba Earnings Overview After the Hong Kong close\/before the US market open, Alibaba reported March quarter and fiscal year results. The results beat analyst expectations, though they missed revenue slightly in CNY revenue, they beat revenue in US dollars. Revenue was the highest ever, except for Q3 which always has a big jump due to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Alibaba Beats, Becomes One Of The Most Shareholder-Friendly Companies | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Alibaba Earnings Overview After the Hong Kong close\/before the US market open, Alibaba reported March quarter and fiscal year results. 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