<ET Net News Agency, 12 August 2011> Credit Suisse chopped its target price for Alibaba
(01688) to HK$10.2 from HK$15.8, and retained its "neutral" rating.
The house expects the Global Supplier number to fall to 77,600 by end of 2011 due to the
slowdown in economy and clean up of low quality sellers. Improving quality of user base
will lead to more buyers.
Despite better earnings, Credit Suisse cut its 2012 EPS by 31% due to fewer Global
Supplier members given the challenging global exports. It said recent price correction
reflects a challenging environment, but net cash per share at HK$2.2 provides price
support.
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