Sep 27, 2022 (PressReach.com via COMTEX) -- BABA stock rises to $79.42 as of 12:50 PM EDT on Monday
As travel restrictions loosen throughout Asia, Ant Group, a fintech subsidiary of Alibaba Group Holding Limited /zigman2/quotes/201948298/composite BABA -4.35% , offered to assist four Asian e-wallets in entering South Korea using its cross-border payment service Alipay+. According to Reuters , Alipay+ users of e-wallets like GCash from the Philippines, Touch’n Go from Malaysia, TrueMoney from Thailand, and AlipayHK may now make purchases at more than 120,000 businesses in South Korea using their native mobile payment apps.
Taxis, duty-free businesses, and convenience stores will be among the first group of merchants that will be accessible. Global retailers and e-wallets are served through Alipay+’s services and technological solutions. Prepaid card sales in South Korea are anticipated to increase at a CAGR of 7.9% from 2022 to 26 and total $33.27 billion.
Alphabet Inc. /zigman2/quotes/205453964/composite GOOG -1.98% /zigman2/quotes/202490156/composite GOOGL -2.01% Google was recently fined 69.2 billion won ($50 million) by South Korea for violating its privacy laws, and Meta Platforms Inc. /zigman2/quotes/205064656/composite META -0.61% was fined 30.8 billion won ($22 million). When gathering and analyzing behavioral data for personalized adverts, corporations neglected to notify service users and get their permission.
The P/E ratio of Alibaba Group Holding is typical for a business that is anticipated to achieve very significant growth and, more crucially, outperform the market. Before moving on, it’s important to note that the company’s earnings per share growth from the previous year were not cause for celebration because it revealed a depressing fall of 73%. Earnings from three years ago have consequently decreased overall by 61%. Shareholders would have consequently felt pessimistic about the medium-term rates of earnings growth.
Regarding the prognosis, the experts tracking the company expect annual growth of 54% over the following three years. The market is only expected to produce 9.6% annually, thus the company is set up for a better earnings outcome.
Given this, it makes sense why Alibaba Group Holding’s P/E is higher than that of the majority of other businesses. The majority of investors appear to be anticipating this significant future growth and are prepared to pay more for the stock. Price Movement: At the most recent check on Monday, BABA stock was up 1.26% at $79.79.
Featured Image- Megapixl @ Drserg
Author: Jowi Kwasu
Market Jar Media Inc.
#170 - 422 Richards Street
Vancouver, BC, Canada
Is there a problem with this press release? Contact the source provider Comtex at email@example.com. You can also contact MarketWatch Customer Service via our Customer Center.