Alibaba FY Net Profit May Rise 233% - Goldman
Alibaba down 6.2% at HK$16.90, now down about 60% vs its peak (HK$41.80),
or up 25% vs its IPO price HK$13.50 in November last year,
but faring much better than HSI's 23% fall during same period.
Goldman Sachs says strong performance may be due to expectation of strong set of 2H results, due March 18.
"We assume that investors will largely ignore the one-time interest income benefit, instead focusing on forward-looking commentary," it says.
Tips FY net profit +233% on-year to CNY947 million, above prospectus guidance of CNY622 million, due largely to interest income.
Keeps at Neutral, HK$23 as target price.
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