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<Research>Citi: CN Aug Online Retail Sales in Line; BABA-W's CMR Rev. Expected to Rise 10% in 2FQ26
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China's National Bureau of Statistics (NBS) announced its August retail data, Citi Research issued a research report saying. The total retail sales of social consumer goods amounted to RMB3.97 trillion in August, up 3.4% YoY, compared to a 3.7% YoY increase in July. Although the growth of online retail (12.4% YoY) and online physical goods retail (7.1% YoY) in August slowed from that in July (13.5%/8.3%), it was still in line with expectations, Citi Research noted. Based on JD-SW (09618.HK)'s 2Q25 results and management guidance, JD-SW's 3Q25 revenue is expected to increase by 11% YoY to RMB288.2 billion, while BABA-W (09988.HK)'s customer management revenue (CMR) for 2FQ26 ending September 2025 is also expected to be RMB89.3 billion, up 10% YoY. Therefore, the broker kept BABA-W at Buy, with a target price of $183. AASTOCKS Financial News Website: www.aastocks.com |
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