JPMorgan published a research report stating thatAlibaba(9988.HK) entered a major investment cycle in its first fiscal quarter. Although it is smaller than Taobao, many e-commerce applications showed good growth. Strategically, the bank believes the company will shift from a single platform targeting mid-to-high-end customers to multiple applications to broaden its customer base.The bank believes that investors will use user metrics as a valuation basis in the future, as they understand the investment strategy for 2022 and its impact on profitability. The profit outlook for 2023 is less visible; User metrics become the best indicator of return on investment. Platform user metrics are expected to be a catalyst in the coming quarters, maintaining the "Increase holdings"Rating, target price lowered from HK$295 to HK$260."PortYuan.
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