<ET Net News Agency, 18 March 2011> Credit Suisse cut its target price for Alibaba
(01688) to HK$15.8 from HK$17.7, and maintained its "neutral" rating.
It said new CEO emphasised that quality of members, not quantity, is the key success
factor of a marketplace. Management also has de-emphasised members' growth, but has
higher expectation on VAS.
Credit Suisse expects VAS to contribute 29% of international marketplace revenue and 37%
of China revenue in 2011. Based on our revenue forecast and lower OP forecast, the house
cut its 2011 EPS by 12%.
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