<ET Net News Agency, 18 March 2011> UOB Kay Hian cut its target price for Alibaba
(01688) to HK$14.9 from HK$16.44, and maintained its "hold" rating.
As the company aims to improve the platform's trust and safety in 2011, the research
house believes the China Gold Suppliers (CGS) net adds rate will slow down in the near
term, and that it may not be able to achieve 200,000 paying users for the international
market by 2014.
While the new CEO is still reviewing the business plan and considering improving the
user experience the top priority, UOBKH thinks the company may need to invest more in
technologies and user authentication in the near term.
It trimmed its 2011-12 net profit forecast by 2.1-4% after assuming lower assumptions
for subscriber net adds assumption, gross margin and the effective tax rate.
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