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STOCKREPORTS+
ALIBABA GROUP HOLDING (BABA-N)

Software & IT Services / Software & IT Services / Online Services
DETAILED STOCK REPORT
Report Date: 2018 August 15
Last Close Avg Daily Vol 52-Week High Trailing PE Annual Div ROE LTG Forecast 1-Mo Return
172.53 (USD) 20.3M 211.70 48.4 -- 19.8% 31.0% -9.2%
2018 August 14 Market Cap 52-Week Low Forward PE Dividend Yield Annual Rev Inst Own 3-Mo Return
NEW YORK Exchange
459.3B 158.54 29.2 -- 250.3B 40.2% -13.1%
AVERAGE SCORE
NEUTRAL OUTLOOK: BABA's current score is Score Averages
relatively in-line with the market. Software & IT Services Group: 4.9 Mega Market Cap: 7.3
Software & IT Services Sector: 4.9 S&P 500 Index: 6.8
Average Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive BABA 9 9 5 7 7
EBAY 8 6 6 6 6
Neutral MELI 4 2 4 4 5
SHOP 8 8 9 4 5
Negative
JD 10 3 2 2 2
2015-08 2016-08 2017-08 2018-08
HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

- The score for Alibaba Group Holding has been on a positive
trend from 5 to 7 over the past 4 weeks. Buy Mean recommendation from all analysts covering
46 Analysts the company on a standardized 5-point scale.
- The recent change in the Average Score was due to an
improvement in the Earnings, Fundamental, and Relative
Valuation component scores. Strong
Sell Reduce Hold Buy
Buy
PRICE AND VOLUME CHARTS

1-Year Return: 11.6% 5-Year Return: --
BUSINESS SUMMARY
Alibaba Group Holding Limited is a holding company. Through its subsidiaries, the Company is engaged in online and mobile commerce through
offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in
the People's Republic of China (China) and internationally. Its businesses consist of core commerce, cloud computing, mobile media and
entertainment, and other innovation initiatives. Through investee affiliates, it also participates in the logistics and local services sectors. Retail
commerce in China operated by the Company includes the China online commerce destination (Taobao Marketplace); the China third-party platform for
brands and retailers (Tmall), and the sales and marketing platform for flash sales (Juhuasuan). Wholesale commerce in China operated by the
Company includes the China domestic wholesale marketplace (1688.com) and the wholesale marketplace for global trade (Alibaba.com).
Page 1 of 12
© 2018 Thomson Reuters. All rights reserved.
STOCKREPORTS+
INDICATOR COMPONENTS
The AVERAGE SCORE combines the quantitative analysis of six widely-used investment decision making tools: Earnings,
Fundamental, Relative Valuation, Risk, Price Momentum and Insider Trading. A simple average of the underlying component ratings is
normally distributed to rank stocks on a 1-10 scale (10 being awarded to the most favorable). These factors may be evaluated differently
using alternative methodologies and the importance of individual factors varies across industries, market capitalization and investment
styles. Additional criteria should always be used to evaluate a stock.
Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading
OPTIMIZED SCORE
As an alternative approach to equally weighting each of the six factors, independent
Historically, companies with an optimized score research firm, Verus Analytics, conducted a backtest to empirically determine the
of 4 have tended to moderately underperform optimal factor blend. Results and weighting vary across four different market
the market over the following 12-month period. capitalization categories. For large cap stocks, price momentum and insider trading
historically provided the most explanatory power among the six factors and are
weighted heavily in the current optimized score. Among the small cap universe, the
earnings and fundamental factors joined with insider trading and price momentum to
explain returns.
PEER ANALYSIS Currency in USD
PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

Average Price 1-Mo 3-Mo 1-Yr Market Trailing Forward Dividend Net LTG I/B/E/S # of
Score Ticker (2018-08-14) Return Return Return Cap PE PE Yield Margin Forecast Mean Analysts
7 BABA 172.53 -9.2% -13.1% 11.6% 459.3B 48.4 29.2 -- 25.6% 31.0% Buy 46
2 JD 33.87 -11.5% -8.9% -23.5% 43.4B 315.0 45.9 -- 0.3% 67.6% Buy 34
6 EBAY 34.40 -8.5% -10.4% -2.3% 33.8B -- 14.2 -- -10.0% 14.2% Buy 37
5 MELI 363.51 10.9% 21.7% 53.4% 17.0B 1173.0 326.9 0.2% -4.1% 35.4% Hold 15
5 SHOP 144.38 -13.1% 1.2% 53.5% 13.7B -- 478.1 -- -6.1% 98.8% Buy 27
NR PDD 19.00 -- -- -- 11.8B -- -- -- -16.8% -- Hold 1
4 TTD 133.00 41.3% 77.5% 147.9% 3.2B 107.3 63.6 -- 14.6% 22.3% Buy 14
4 OSTK 32.90 -15.3% -16.8% 72.3% 1.1B -- -- -- -11.4% 5.0% Strong Buy 1
4 SFIX 33.75 2.3% 53.2% -- 880M 380.1 164.6 -- 1.9% -- Buy 10
6 SECO 13.72 22.5% 33.9% -- 548M -- 16.7 -- 3.4% -- Strong Buy 1
NR JMEI 1.61 -30.3% -34.8% -33.5% 169M -- -- -- -0.6% -- -- --
4.8 Average 89.33 -1.1% 10.3% 34.9% 53.2B 404.8 142.4 0.2% -0.3% 39.2% Buy 18.6
PEER COMPANIES
JD JD.com Inc TTD Trade Desk Inc
EBAY eBay Inc OSTK Overstock.com Inc
MELI Mercadolibre Inc SFIX Stitch Fix Inc
SHOP Shopify Inc SECO Secoo Holding
PDD Pinduoduo Inc JMEI Jumei International Holding
Page 2 of 12
STOCKREPORTS+
EARNINGS Currency in CNY
POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

recent analyst upgrades or a history of Software & IT Services Group: 6.3 Mega Market Cap: 7.6
surpassing consensus estimates. Software & IT Services Sector: 6.3 S&P 500 Index: 6.8
Earnings Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive BABA 7 7 4 8 8
EBAY 10 8 6 7 7
Neutral SHOP 9 10 10 5 5
MELI 1 2 2 3 4
Negative
JD 9 2 2 2 3
2015-08 2016-08 2017-08 2018-08
EARNINGS INDICATORS
Earnings Surprises Estimate Revisions Recommendation Changes
(33.3% weight) (33.3% weight) (33.3% weight)
SHOP EBAY
BABA BABA
EBAY JD MELI
JD MELI
EBAY SHOP
MELI
SHOP JD
BABA
Last 4 Quarters Last 4 Weeks Last 120 Days

# Positive Surprises (> 2%) 3 # Up Revisions 1 # Broker Upgrades 0
# Negative Surprises (< -2%) 0 # Down Revisions 3 # Broker Downgrades 0
# In-Line Surprises (within 2%) 1 Avg Up Revisions 2.2%
Avg Surprise 14.7% Avg Down Revisions -6.5%
HIGHLIGHTS PRICE TARGET

- Alibaba Group Holding currently has an Earnings Rating of 8, which is The chart indicates where analysts predict the stock price will be within
significantly more bullish than the Online Services industry average of the next 12 months, as compared to the current price.
5.7.
2,400 12-Month Price Target
- Over the past 90 days, the consensus price target for BABA has Mean (CNY) 1,630.00
increased notably from 1,440.00 to 1,630.00, a gain of 13.2%. 2,100 HIGH
High 2,090.00
1,800
- BABA's current quarter consensus estimate has decreased over the MEAN Low 1,300.00
past 90 days from 8.73 to 8.46, a loss of -3.2%. Consensus estimates 1,500 Target vs. Current 37.3%
1,187.45
for the Online Services industry have moved an average -2.0% during LOW
1,200 # of Analysts 45
the same time period.
900
Current Price Price Target
(CNY)
Page 3 of 12
STOCKREPORTS+
EARNINGS PER SHARE

Actuals Estimates
14.00
Earnings per share (EPS) is calculated 12.00 10.61 Quarterly 18-06 18-09
by dividing a company's earnings by the HIGH Mean 8.455 8.908
number of shares outstanding. Analysts 10.00 8.57
7.95 MEAN High 10.680 10.480
tend to interpret a pattern of increasing
8.00
earnings as a sign of strength and flat Low 6.870 6.300
5.73
or falling earnings as a sign of 6.00 LOW
# of Analysts 28 27
weakness.
4.00
The charts provide a comparison 17-06 17-09 17-12 18-03 18-06 18-09
between a company's actual and
estimated EPS, including the high and Actuals Estimates
low forecasts. 120
100 Annual 2019 2020

Mean 40.940 54.010
80.00
High 48.910 66.380
HIGH
60.00 Low 34.860 43.210
MEAN
32.86 LOW # of Analysts 39 39
40.00
23.44
20.00
2017 2018 2019 2020
MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

Q Q Y Y Price Thomson Reuters I/B/E/S Mean: Buy (46 Analysts)
18-06 18-09 2019 2020 Target
Current 8.455 8.908 40.940 54.010 1,630.00
Strong Buy 17
30 Days Ago 8.555 8.951 41.300 54.830 1,590.00 Buy 27
90 Days Ago 8.734 9.050 41.090 55.080 1,440.00 Hold 2
% Change (90 Days) -3.2% -1.6% -0.4% -1.9% 13.2%
Reduce 0
Current Fiscal Year End: 19-03
Next Expected Report Date: 2018-08-23 Sell 0
EARNINGS SURPRISES
Comparing a company's actual earnings to the mean expectation of Surprise Detail (Last 6 Periods)
analysts results in a difference referred to as a 'positive' or 'negative'
surprise. Research has shown that when a company reports a Surprise Announce Period End Actual Mean Surprise
surprise, it is often followed by more of the same surprise type. Type Date Date EPS EPS (%)
Surprise Summary (Last 12 Quarters) Positive 2018-05-04 2018-03-31 5.730 5.449 5.2%
In-Line 2018-02-01 2017-12-31 10.610 10.560 0.5%
Surprise Type Amount Percent
Positive 2017-11-02 2017-09-30 8.570 6.846 25.2%
Positive Quarters (> 2%) 8 66.7%
Positive 2017-08-17 2017-06-30 7.950 6.215 27.9%
Negative Quarters (< -2%) 2 16.7%
Negative 2017-05-18 2017-03-31 4.350 4.484 -3.0%
In-Line Quarters (within 2%) 2 16.7%
Positive 2017-01-24 2016-12-31 9.020 7.743 16.5%
ANNUAL REVENUE
A pattern of increasing sales in Actuals Estimates
conjunction with a rising EPS may
influence a buy recommendation, while 600B HIGH
MEAN 2019 2020
flat or falling sales and faltering 500B LOW
earnings may explain a sell Mean 399.7B 549.8B
recommendation. A rising EPS with flat 400B High 408.8B 575.0B
or falling sales may result from
increased cost efficiency and margins, 300B 250.3B Low 391.8B 501.1B
rather than market expansion. This Forecasted Growth 59.7% 119.7%
158.3B
chart shows the sales forecast trend of 200B
# of Analysts 39 38
all analysts and the highest and lowest 101.1B
projections for the current and next 100B
2016 2017 2018 2019 2020
fiscal year.
Page 4 of 12
STOCKREPORTS+
FUNDAMENTAL
POSITIVE OUTLOOK: Strong fundamentals Fundamental Score Averages
such as high profit margins, low debt levels, or Software & IT Services Group: 5.5 Mega Market Cap: 6.1
growing dividends. Software & IT Services Sector: 5.5 S&P 500 Index: 6.1
Q3 Q4 Q1 Q2
Fundamental Score Trend Peers 2017 2017 2018 2018 Current 3Y Trend
BABA 10 10 10 10 9
Positive
SHOP 9 9 9 9 9
Neutral EBAY 10 9 9 8 7
Negative MELI 9 5 4 4 5
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 JD 7 3 7 7 2
2016 2017
FUNDAMENTAL INDICATORS
Profitability Debt Earnings Quality Dividend
(25% weight) (25% weight) (25% weight) (25% weight)
EBAY
BABA SHOP
MELI
JD BABA
BABA
EBAY EBAY MELI
SHOP
SHOP JD
MELI MELI JD
BABA
EBAY
JD
SHOP
Revenue Growth 58.1% Current Ratio 1.9 Oper. Cash Yield -70.3% Dividend Growth --
For year over year For interim period For latest 12 months For year over year
ending 2018-03 ending 2018-03 ending 2018-03 ending --
Gross Margin 56.1% Debt-to-Capital 21.4% Accruals 7.4% Dividend Payout --
For latest 12 months For annual period For latest 12 months For latest 12 months
Return On Equity 19.8% Interest Funding 8.3% Days Sales In Inv. 9.4 Dividend Coverage --
For interim period For interim period For annual period For annual period
Net Margin 25.6% Interest Coverage 10.3 Days Sales In Rec. 32.3 Current Div. Yield --
For latest 12 months For interim period For annual period For latest 12 months
HIGHLIGHTS
- Alibaba Group Holding currently has a Fundamental Rating of 9, which - The days sales in receivables for the company is at its five-year low.
is significantly more bullish than the Online Services industry average - Alibaba Group Holding does not currently pay a dividend. Of 75 firms
of 6.8. within the Online Services industry, it is among the 69 companies
- The company's net margin has been higher than its industry average without a dividend.
for each of the past five years.
- The company's interest coverage has been higher than its industry
average for each of the past five years.
Page 5 of 12
STOCKREPORTS+
RELATIVE VALUATION
NEUTRAL OUTLOOK: Multiples relatively in-line Relative Valuation Score Averages
with the market. Software & IT Services Group: 3.6 Mega Market Cap: 5.4
Relative Valuation Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive EBAY 2 7 8 9 9
BABA 5 4 4 4 5
Neutral JD 9 6 6 5 5
MELI 1 1 1 1 1
Negative
SHOP 1 1 1 1 1
2015-08 2016-08 2017-08 2018-08
RELATIVE VALUATION INDICATORS

Forward PEG Trailing PE Forward PE
(50% weight) (25% weight) (25% weight)
JD
EBAY
BABA EBAY
BABA
BABA
SHOP JD
JD
MELI MELI
MELI
SHOP
EBAY
SHOP
Forward PEG 0.9 Trailing PE 48.4 Forward PE 29.2

5-Yr Average 1.0 5-Yr Average 43.4 5-Yr Average 29.9
Rel. to 5-Yr Avg. 8% Discount Rel. to 5-Yr Avg. 12% Premium Rel. to 5-Yr Avg. 2% Discount
S&P 500 Index 1.1 S&P 500 Index 23.6 S&P 500 Index 17.1
Rel. to S&P 500 14% Discount Rel. to S&P 500 >100% Premium Rel. to S&P 500 70% Premium
HIGHLIGHTS
- Alibaba Group Holding currently has a Relative Valuation Rating of 5 - BABA's Trailing P/E of 48.4 represents a 12% Premium to its 5-year
while the S&P 500 index has an average rating of 5.4. average of 43.4.
- BABA is currently valued at a premium to the S&P 500 index based on - BABA's Forward P/E of 29.2 represents a 2% Discount to its 5-year
both Trailing P/E and Forward P/E. average of 29.9.
- BABA's Forward PEG of 0.9 represents a 8% Discount to its 5-year
average of 1.0.
Page 6 of 12
STOCKREPORTS+
PRICE TO SALES TRAILING PE

The most recent week's close price divided by the revenue per share. The most recent week's close price divided by the sum of the four most
recently reported quarterly earnings.
Price to Sales: 12.6 Trailing PE: 48.4
5-Year Average: 13.5 5-Year Average: 43.4
S&P 500 Index Average: 2.1 S&P 500 Index Average: 23.6
Online Services Industry Average: 5.3 Online Services Industry Average: 51.2
22 >50
20 45 5-Yr Average
18 40
16 35
14 5-Yr Average 30
12 25
10 20
8 15
6 10
4 5
2 0
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
FORWARD PE FORWARD PEG

The most recent week's close price divided by the sum of the four The Forward P/E divided by the five-year forecasted growth rate.
upcoming quarterly consensus estimates.
Forward PE: 29.2 Forward PEG: 0.9
5-Year Average: 29.9 5-Year Average: 1.0
S&P 500 Index Average: 17.1 S&P 500 Index Average: 1.1
Online Services Industry Average: 30.4 Online Services Industry Average: 1.1
48 1.6
45 1.5
42 1.4
39 1.3
36 1.2
33 1.1
30 5-Yr Average 1.0 5-Yr Average
27 0.9
24 0.8
21 0.7
18 0.6
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Page 7 of 12
STOCKREPORTS+
RISK
NEUTRAL OUTLOOK: Moderate risk (medium Risk Score Averages
volatility). Software & IT Services Group: 4.7 Mega Market Cap: 8.7
Risk Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive EBAY 7 9 8 8 8
JD 7 8 7 7 7
Neutral BABA 6 6 6 6 6
MELI 5 5 5 5 5
Negative
SHOP 4 3 4 5 5
2015-08 2016-08 2017-08 2018-08
RISK INDICATORS
Magnitude of Returns Volatility Beta (1-year) Correlation
(25% weight) (25% weight) (25% weight) (25% weight)
BABA
EBAY
EBAY JD
MELI
SHOP
JD
BABA
BABA
JD
EBAY EBAY
MELI
SHOP
SHOP
MELI
JD
BABA
MELI
SHOP
Daily Returns (Last 90 Days) Standard Deviation Beta vs. S&P 500 1.38 Correlation vs. S&P 500
Best 4.8% Last 90 Days 1.67 Positive Days Only 1.42 Last 90 Days 64%
Worst -5.3% Last 60 Months 11.38 Negative Days Only 1.10 Last 60 Months 62%
Monthly Returns (Last 60 Months) Intra-Day Swing (Last 90 Days) Beta vs. Group 1.20 Correlation vs. Group
Best 42.2% Average 2.3% Positive Days Only 0.96 Last 90 Days 65%
Worst -19.5% Largest 5.4% Negative Days Only 1.33 Last 60 Months 59%
HIGHLIGHTS RISK ANALYSIS

- Alibaba Group Holding currently has a Risk Rating of 6, which Last 90 Days Last 60 Months
is significantly below the S&P 500 index average rating of 8.1. Best Worst # # Largest Best Worst
- On days when the market is up, BABA tends to outperform the Daily Daily Days Days Intra-Day Monthly Monthly
S&P 500 index. On days when the market is down, the stock Peers Return Return Up Down Swing Return Return
generally performs in-line with the index. BABA 4.8% -5.3% 29 35 5.4% 42.2% -19.5%
- In both short-term and long-term periods, BABA has shown
high correlation (>= 0.4) with the S&P 500 index. Thus, this EBAY 2.5% -10.1% 33 31 5.0% 33.7% -15.9%
stock would provide only low levels of diversification to a JD 6.1% -4.3% 27 36 6.5% 18.9% -21.7%
portfolio similar to the broader market.
- Over the last 90 days, BABA shares have been more volatile MELI 11.6% -8.3% 33 31 15.0% 26.4% -19.1%
than the overall market, as the stock's daily price fluctuations SHOP 5.5% -7.5% 39 24 8.8% 27.8% -26.3%
have exceeded that of 74% of S&P 500 index firms.
S&P 500 1.3% -1.4% 34 29 1.7% 8.3% -6.3%
Page 8 of 12
STOCKREPORTS+
PRICE MOMENTUM Currency in USD
NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

in-line with the market. Software & IT Services Group: 6.6 Mega Market Cap: 6.7
Price Momentum Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive MELI 10 3 7 7 9
SHOP 10 10 10 5 6
Neutral BABA 8 9 5 5 4
EBAY 10 3 4 2 3
Negative
JD 9 3 2 2 2
2015-08 2016-08 2017-08 2018-08
PRICE MOMENTUM INDICATORS

Relative Strength Seasonality
(70% weight) (30% weight)
MELI BABA
EBAY
SHOP
SHOP
MELI
JD
BABA
JD
EBAY
Relative Strength Indicator (Scale from 1 to 100) Average Monthly Return (Last 10 Years)
BABA Industry Avg AUG SEP OCT
Last 1 Month 36 48 Company Avg 4.4% 0.4% 14.1%
Last 3 Months 46 50 Industry Avg -0.9% 0.8% 0.1%
Last 6 Months 49 51 Industry Rank 70 of 122 39 of 121 59 of 122
PRICE PERFORMANCE
Daily close prices are used to calculate the BABA BABA S&P 500
performance of the stock as compared to a
S&P 500 Close Price (2018-08-14) 172.53 2,840
relevant index over five time periods.
52-Week High 211.70 2,873
-4.1%
1-Week 52-Week Low 158.54 2,426
-0.7%
-9.2% - The Price Momentum Rating of 4 for Alibaba Group Holding is

1-Month
1.4% its lowest value for the past year.
- On 2018-08-14, BABA closed at 172.53, 18.5% below its 52-
-13.1%
3-Month week high and 8.8% above its 52-week low.
4%
- BABA shares are currently trading 10.0% below their 50-day
0.1% moving average of 191.61, and 7.7% below their 200-day
YTD moving average of 186.88.
6.2%
11.6%
1-Year
15.2%
Page 9 of 12
STOCKREPORTS+
INSIDER TRADING Currency in USD
This company does not currently meet the data Insider Trading Score Averages
requirements to calculate a score for this Software & IT Services Group: 3.7 Mega Market Cap: 3.7
component. Software & IT Services Sector: 3.7 S&P 500 Index: 4.1
Insider Trading Score Trend (4-Week Moving Avg) Peers -6M -3M -1M -1W Current 1Y Trend
Positive MELI 6 5 9 7 7
EBAY 1 1 2 2 2
Neutral BABA NR NR NR NR NR
JD NR NR NR NR NR
Negative
SHOP NR NR NR NR NR
2015-08 2016-08 2017-08 2018-08
INSIDER TRADING INDICATORS

Short-Term Insider Long-Term Insider
(70% weight) (30% weight)
EBAY
MELI MELI
EBAY
BABA BABA
JD JD
SHOP SHOP
Most Recent Buys and Sells (Last 90 Days) Insider Summary (Last 6 Months)
Insider Name Role Tran Date Tran Type Shares Total Shares Acquired --
Total Shares Disposed --
There are no insider transactions during this time period. Net Shares --
Sector Average 1,196,276
HIGHLIGHTS MONTHLY BUYS AND SELLS

- There is no significant insider activity for this company. BUYS $ Market Value
100
No insider activity during the past year
50
Excludes
0 derivative
and option
50 exercises
100
SELLS
S O N D J F M A M J J A
TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

Inst. % Shares Reported Direct Reported
Institution Name Type O/S Held Date Insider Name Role Shares Value Date
SoftBank Group Corp Strategic 28.8% 747M 2017-12-31
Altaba Inc Strategic 14.8% 384M 2017-12-31 There is no available holdings information.
T. Rowe Price Associates Inv Mgmt 2.1% 53.6M 2018-03-31
Baillie Gifford & Co Inv Mgmt 1.7% 44.7M 2018-06-30
State Street Global Inv Mgmt 1.5% 38.5M 2018-03-31
Updated daily as of 2018-08-14
Page 10 of 12
STOCKREPORTS+
● Earnings Surprises - The number of positive and negative surprises within the
DETAILED STOCK REPORT TIPS last 4 quarters.
● Estimate Revisions - The number of up and down revisions and the average
The Thomson Reuters Stock Report is a comprehensive, company-specific analysis percentage change of those revisions within a 4 week period.
that includes a proprietary Stock Rating along with underlying component indicators ● Recommendation Changes - The number of broker upgrades and downgrades in
and supportive data elements. The report is updated daily, although some of the the last 120 days.
data elements and the ratings are updated weekly.
Price Target
Average Score The price target is based on the predictions of analysts covering the stock and
The Average Score combines a quantitative analysis of six widely-used investment shows the high, low and mean price expected within the next 12 months.
decision making tools - Earnings, Fundamental, Relative Valuation, Risk, Price
Momentum, and Insider Trading. First, a simple average of the six underlying Earnings Per Share
component ratings is calculated. Then, a normal distribution is used to rank each The quarterly and annual earnings per share are presented when available, along
stock across the market on a scale of 1 to 10, with 10 being most favorable. A with the mean, high and low. Quarterly data is displayed for the past 4 quarters
score of 8 to 10 is considered positive, 4 to 7 is neutral, and 1 to 3 is negative. These (actual) and the next 2 quarters (estimated). Annual data is displayed for the past 2
six factors may be evaluated differently using alternative methodologies, and the years (actual) and the next 2 years (estimated).
importance of individual factors varies across groups, market capitalization and
investment styles. Additional criteria should always be used to evaluate a stock. Mean Estimate Trend
The mean estimates show how the consensus has changed over the past 30 days
A company must have sufficient data available for at least four of the six component and 90 days for the upcoming two quarters and two years. The percentage change
indicators in order to receive an overall Average Score. Approximately 85% of the is calculated for the company as a means for comparison by measuring the
stocks within the coverage universe meet the criteria to generate a score. difference between the current consensus estimate and that of 90 days ago.
Optimized Score Analyst Recommendations
As an alternative to the average score, the Stock Report includes an Optimized Score The I/B/E/S Mean is the average recommendation of all analysts covering the stock,
generated by independent research firm, Verus Analytics. It uses the same six as provided by Thomson Reuters I/B/E/S (Institutional Brokers Estimate System).
component ratings, but rather than equally weighting each of the factors, the The recommendations are presented on a five-point standardized scale: strong buy,
weighting varies by market capitalization of the underlying security based on buy, hold, reduce, and sell.
backtesting research. These scores are also updated weekly and distributed
normally on a 1 to 10 scale, with 10 being best. The variable size is assigned Earnings Surprises
monthly by ranking the market capitalization and assigning the appropriate category ● The surprise summary includes the total number of quarters (and percentage) in
as follows: the past 12 quarters in which earnings surprises were positive, negative, or in-
Large - Top 5.55% line. In order to be recognized as a positive or negative surprise, the percent
Mid - Next 13.87% must be greater than 2% above or 2% below the consensus, respectively.
Small - Next 34.68% ● The surprise detail section includes a listing of the company's quarterly earnings
Micro - Remaining 45.9% reported for the most recent 6 quarters. The consensus analyst estimate is
provided to determine if the actual earnings report represented a positive
Indicator Components surprise, negative surprise, or in-line result.
The six indicators that comprise the stock rating are displayed. Like the stock rating,
the component rating scale is 1 to 10, with 10 being best. A company will receive Fundamental
an ‘NR’ for No Rating if the required data elements or criteria are not met. A The Fundamental Rating is based on a combination of four factors: profitability,
detailed section for each component is included in the report. debt, earnings quality, and dividend. Companies that do not pay a dividend are not
penalized. Each factor is equally weighted. Then, equal deciles are used to rank
Indicator Trends each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
Within each component section, historical score trends are displayed, typically using stock needs to have at least two of the four fundamental factors present for a given
a 4-week moving average over a timeframe of the past three years. The dotted fiscal quarter in order to receive a score.
orange line indicates the average of the scores over those three years. The most
recent occurrences of the best and worst scores are also displayed on the chart in ● Profitability is comprised of four data elements.
grey boxes to put the current score into historical context. - Revenue Growth: (Net Sales – Previous Net Sales) / Previous Net Sales
- Gross Margin: Gross Profit / Net Sales
Next to the trend chart for the company, current score averages are included, along - Return on Equity: Net Income / Total Equity
with peer company comparisons of values from 6 months ago, 3 months ago, 1 - Net Margin: Net Profit / Net Sales
month ago, the most recent value from 1 week ago, and the current score. The four ● Debt is comprised of four data elements.
closest industry peers are presented based on similar market capitalization. - Current Ratio: Current Assets / Current Liabilities
- Debt-to-Capital: Total Debt / Total Capital
- Interest Funding: (Interest Expense on Debt + Preferred Cash Dividends) /
Peer Analysis Funds from Operations
● The Thomson Reuters Business Classification (TRBC) system is used for - Interest Coverage: Earnings before Interest and Taxes / (Interest Expense on
industry comparisons. It is designed to track and display the primary business of Debt + Preferred Cash Dividends)
a corporation by grouping together correlated companies that offer products and ● Earnings Quality is comprised of four data elements.
services into similar end markets. The system includes 10 Economic Sectors, 28 - Operating Cash Yield: (Operating Cash Flow – Net Income) / Net Income
Business Sectors, 54 Industry Groups, and 136 Industries. - Accruals: (Net Income – Operating Cash Flow – Investing Cash Flow) /
● The Peer Analysis section of the report compares the company to its ten closest Average Net Operating Assets
peers. The peers are selected from the industry based on similar market - Days Sales in Inventory: 365 / (Cost of Goods Sold / Inventory)
capitalization. The peer listing may have fewer than ten companies if there are - Days Sales in Receivables: 365 / (Net Sales / Receivables)
fewer than ten companies classified within that industry. ● Dividend is comprised of four data elements. The company must have a current
dividend yield.
Highlights - Dividend Growth Rate: (Dividends per Share – Previous Dividends per Share)
The Thomson Reuters proprietary automated text-generation system creates / Previous Dividends per Share
highlights summarizing the most noteworthy data. The bullets will vary by company - Dividend Payout: Dividends per Share / Earnings per Share
and will change from week to week as different criteria are met. - Dividend Coverage: Funds from Operations / Cash Dividends
- Dividend Yield: Annual Dividends per Share / Current Market Price per Share
Earnings
The Earnings Rating is based on a combination of three factors: earnings surprises, Indicator Trend
estimate revisions, and recommendation changes. Each factor is equally weighted. The fundamental indicator trend displays quarterly scores over the past three years.
Then, equal deciles are used to rank each stock across the market on a scale of 1 The best and worst scores over that timeframe can be easily determined from the
to 10, with 10 being most favorable. A stock needs to have at least two of the three values shown on the chart for each quarter.
earnings factors in order to receive a score.
Page 11 of 12
STOCKREPORTS+
Relative Valuation ● Long-Term Insider – Looks at buying, selling and option exercise decisions over
The Relative Valuation Rating is based on a combination of three factors: Forward the past six months relative to other stocks within the same business sector. The
PEG (50% weight), Trailing P/E (25% weight), and Forward P/E (25% weight). After net shares are presented alongside the business sector average as a means of
the weightings are considered to combine individual factors, equal deciles are used comparison.
to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. These common valuation metrics are evaluated against the overall Monthly Buys and Sells
market, the index, and the company's own historic 5-year averages. A stock needs The total market value of open-market buying and selling is displayed by month in
to have at least one of the three relative valuation factors in order to receive a score. the chart for easy comparison. Transactions by trusts and corporations are
excluded, along with buys greater than $10 million and sales greater than $50
● Trailing P/E: Close Price / Most Recent 4 Quarters of Earnings million. Transactions for the exercise of derivatives and option exercises are
● Forward P/E: Close Price/ Upcoming 4 Quarters of Earnings excluded from the totals.
● Forward PEG: Forward P/E / Long-Term Forecasted Growth Rate
Institutional Holders
Valuation Averages The top five institutional holders of the company are listed in descending order,
Negative values are excluded when calculating the averages. A maximum value of based on their total share holdings. Possible values for the institution type include
100 is placed on Trailing P/E and Forward P/E, a maximum value of 5 is placed on Brokerage, Funds, Inv Mgmt, or Strategic.
Forward PEG, and a maximum value of 20 is placed on Price to Sales when
calculating the averages. Higher values are rounded down to the maximum for the Executive Holders
averages. The top five executive insiders of the company are listed in descending order, based
on their total direct common share holdings (options are not considered). Indirect
Valuation Multiples holdings are excluded, as the owner may not actually have investment discretion
The valuation multiples provide the Trailing P/E, Forward P/E, Forward PEG, and over these shares. This table is updated monthly. Insiders who have not filed any
Price to Sales for the company and the S&P 500 index average. In addition, a transactions or holdings over the past two years are excluded as this may indicate
comparison of the current company’s values to its 5-year average and an industry that the individual is no longer associated with the company. Additionally, direct
average are presented. A discount occurs when the company’s ratio is valued more shares held must be greater than 1,000 to be considered.
favorably (lower) than that to which it is compared.
Insider Roles
Risk These role codes may appear in the data for recent insider buys and sells or top
The Risk Rating displays stocks on a scale of 1 to 10 with 10 being awarded to the executive holders:
least risky stocks. It is derived by looking at a series of long-term (5-year) and
short-term (90-day) stock performance measures including volatility, magnitude of AF - Affiliate IA - Investment Advisor
returns, beta, and correlation. Each factor is equally weighted. Then, equal deciles AI - Affiliate of Advisor MC - Member of Committee
are used to rank each stock across the market. A stock needs to have at least two B - Beneficial Owner MD - Managing Director
of the four risk factors in order to receive a score. C - Controller O - Officer
CB - Chairman OB - Officer / Beneficial Owner
● Magnitude of Returns – The best / worst daily returns in the past 90 days and the CEO - Chief Executive Officer OD - Officer / Director
best / worst monthly returns in the past 60 months. CFO - Chief Financial Officer OE - Other Executive
● Volatility – The standard deviation of the stock price over the last 90 days and CI - Chief Investment Officer OS - Officer of Subsidiary
last 60 months, along with the average and largest intra-day stock swing. CO - Chief Operating Officer OT - Officer / Treasurer
● Beta – Measures the tendency of a security’s returns to respond to swings in the CT - Chief Technology Officer OX - Divisional Officer
market, based on the beta of the company versus the relevant index. D - Director P - President
● Correlation – Determines how closely the returns of the stock and the relevant DO - Director / Beneficial Owner R - Retired
index move together, measured over the last 90 days and last 60 months. DS - Indirect Shareholder S - Secretary
EC - Member of Exec Committee SH - Shareholder
Risk Analysis EVP - Exec Vice President SVP - Senior Vice President
Price analysis for the company and the S&P 500 is provided over two time periods. FO - Former T - Trustee
Daily analysis is provided for the last 90 days, whereas monthly statistics are used GC - General Counsel UT - Unknown
for the last 60 months. GP - General Partner VC - Vice Chairman
H - Officer / Director / Owner VP - Vice President
Price Momentum
The Price Momentum Rating is based on a combination of two technical
performance factors: relative strength (70% weight) and seasonality (30% weight).
After the weightings are considered to combine individual factors, equal deciles are
DISCLAIMER
used to rank each stock across the market on a scale of 1 to 10, with 10 being most
favorable. A stock needs to have data for the relative strength factor in order to Republication or redistribution of Thomson Reuters content, including by framing
receive a score. or similar means, is prohibited without the prior written consent of Thomson
Reuters. All information in this report is assumed to be accurate to the best of our
● Relative Strength – The relative strength of the company for the last 1 month, 3 ability. Thomson Reuters is not liable for any errors or delays in Thomson
months, and 6 months on a scale of 1 to 100. Reuters content, or for any actions taken in reliance on such content.
● Seasonality – The average monthly return (price performance) for the current
month and next 2 months for the company and industry, over the past 10 years. Any forward-looking statements included in the Thomson Reuters content are based
A lower industry rank indicates a higher return. on certain assumptions and are subject to a number of risks and uncertainties that
could cause actual results to differ materially from current expectations. There is no
Price Performance assurance that any forward-looking statements will materialize.
Daily close prices are used to calculate the price performance of the stock. The
performance of the S&P 500 is also displayed as a means of comparison. The content in this Thomson Reuters report does not constitute investment advice
or a recommendation to buy or sell securities of any kind. Past performance is not a
Insider Trading guarantee of future results. Investors should consider this report as only a single
The Insider Trading Rating is based on short-term (70% weight) and long-term (30% factor when making an investment decision.
weight) legal insider trading behavior. After the weightings are considered to
combine individual factors, a function similar to a normal distribution is used to rank
each stock across the market on a scale of 1 to 10, with 10 being most favorable. A
stock needs to have at least one of the two insider trading factors in order to receive
a score.
● Short-Term Insider – Uses insider buy and sell transactions within the past 90
days. This factor is based on the Thomson Reuters quantitative insider trading
model that considers the insider's role, consensus, number of shares, market
capitalization of the company, and the historic stock performance following trades
by the given insider.
Page 12 of 12

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STOCKREPORTS+

ALIBABA GROUP HOLDING (BABA-N)

HIGHLIGHTS THOMSON REUTERS I/B/E/S MEAN

PRICE AND VOLUME CHARTS

Earnings Fundamental Relative Valuation Risk Price Momentum Insider Trading

PRICE MOMENTUM VALUATION FUNDAMENTAL ANALYSTS

EARNINGS Currency in CNY

POSITIVE OUTLOOK: Strong earnings with Earnings Score Averages

Last 4 Quarters Last 4 Weeks Last 120 Days

HIGHLIGHTS PRICE TARGET

EARNINGS PER SHARE

100 Annual 2019 2020

MEAN ESTIMATE TREND ANALYST RECOMMENDATIONS

RELATIVE VALUATION INDICATORS

Forward PEG 0.9 Trailing PE 48.4 Forward PE 29.2

PRICE TO SALES TRAILING PE

FORWARD PE FORWARD PEG

HIGHLIGHTS RISK ANALYSIS

PRICE MOMENTUM Currency in USD

NEUTRAL OUTLOOK: Performance relatively Price Momentum Score Averages

PRICE MOMENTUM INDICATORS

-9.2% - The Price Momentum Rating of 4 for Alibaba Group Holding is

INSIDER TRADING Currency in USD

INSIDER TRADING INDICATORS

HIGHLIGHTS MONTHLY BUYS AND SELLS

TOP INSTITUTIONAL HOLDERS TOP EXECUTIVE HOLDERS

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