On July 30th, GLH | UBS released a research report suggesting that Taotian, a subsidiary of Alibaba, announced a merchant policy adjustment. The bank believes that the new arrangement has a positive impact on Taotian's take rate as a response to the combination of GMV turning to low stock prices and Taobao (lower commission rate). The bank expects the new arrangement to increase the effective take rate of the overall GMV by 0.2%. Based on Taotian's current conversion rate, this means that CRM (customer relationship management income) has a 5% potential increase. The bank stated that it expects Taotian's EBITA earnings to be more moderate in the short term, raised its EPS estimate for the group's fiscal year 2025-2027 by 1%, and gave it a buy rating with a target price of $105.
大行评级｜瑞银：商家政策调整对淘天提成率正面 目标价为105美元
UBS Group rated|UBS: Positive impact of merchant policy adjustments on Taotian's commission rate. Target price is $105.
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