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<Research>JPM Expects Continued Growth in ALI HEALTH (00241.HK) Future Platform Sales, Keeps Neutral Rating
Recommend 12 Positive 30 Negative 8 |
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ALI HEALTH (00241.HK) achieved a strong revenue growth of 17% in 1HFY2026, mainly benefiting from the strong momentum of originator drug growth, due to structural changes in China's pharmaceutical market, and the comprehensive effects brought by Taobao's instant retail, according to JPMorgan's research report. JPMorgan believed that, although there is uncertainty regarding the incremental contribution and sustainability brought by instant retail, the aforementioned first factor will continue to drive platform sales growth in the foreseeable future. Looking ahead to 2HFY2026, the broker advised investors to pay attention to the fluctuations in Taobao's instant retail subsidies, potential investment scale and user churn after subsidy normalization. Based on a projected 2.5x EV/ revenue multiple for FY2026, JPMorgan kept its December 2026 target price at $6.5 and rating at Neutral. AASTOCKS Financial News Website: www.aastocks.com |
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