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<Research>Citi: BABA's Amap Waives 1-yr Entry Fee for Catering Merchants to Explore Cross-platform Synergy Leveraging Golden Wk Traffic
Recommend 23 Positive 35 Negative 7 |
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BABA-W (09988.HK)'s Amap is enhancing in-store use-case scenario by waiving one-year platform fees, Citi Research issued a research report saying. Following Amap's strategic initiative of launching the 'Street Explorer List' on 10 September and Taobao Instant Commerce's addition of in-store group buying promotions in 3 cities on 21 September, Amap announced on 23 September that it will waive the one-year platform fee for catering merchants joining Amap and will provide a series of traffic and promotional subsidies. The broker believed that this strategic announcement is timely, coinciding with the October Golden Week holiday. Amap is expected to drive more in-store catering traffic and bring additional revenue to catering merchants. As previously noted by Citi Research, by closely integrating and leveraging the vast user base of Taobao Instant Commerce, Amap and Alipay, the broker believed that this is likely to validate the cross-platform promotional synergy within Alibaba's ecosystem, bringing online/offline traffic and transaction conversion to merchants and supporting consumption. Therefore, Citi Research kept rating at Buy on Alibaba Group (BABA.US), with a target price of US$187, equivalent to a projected FY2026 PE ratio of 12x. BABA-W (09988.HK) opened 0.6% lower this morning before inclining, ans last printed at $170.1, swelling 6.8%, with a turnover of $18.76 billion. AASTOCKS Financial News Website: www.aastocks.com |
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