5 Best Asian Stocks To Buy Heading Into 2023

1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 105

Alibaba Group Holding Limited (NYSE:BABA), the Chinese e-commerce and technology conglomerate, is one of the best Asian stocks to buy heading into 2023. For the September quarter of 2022, the company reported a non-GAAP EPADS of $1.82, beating market estimates by $0.17.

On November 18, Truist analyst Youssef Squali reiterated a Buy rating on Alibaba Group Holding Limited (NYSE:BABA) but lowered the price target on the shares to $120 from $125. The company’s Q2 results indicated that Alibaba Group Holding Limited (NYSE:BABA) is making solid strides in protecting margins while navigating a difficult macro environment, the analyst told investors. Near-term demand trends will potentially remain challenging, but he is encouraged by the stable high-value user count and traffic, the analyst added.

According to Insider Monkey’s Q3 data, 105 hedge funds were long Alibaba Group Holding Limited (NYSE:BABA), compared to 106 funds in the last quarter. David Blood and Al Gore’s Generation Investment Management is a prominent stakeholder of the company, with 4.50 million shares worth $360.7 million. 

Polen Capital made the following comment about Alibaba Group Holding Limited (NYSE:BABA) in its October investor letter:

“Alibaba Group Holding Limited (NYSE:BABA) is the leading e-commerce company in China. The stock was weak over the quarter as they reported a quarterly revenue decline. The company has been heavily impacted by the continued covid-19 lockdowns throughout China and the aggressive rate increases and deteriorating outlook for China’s economy have weighed heavily on the stock. The share price has also been under pressure due to the U.S. Securities and Exchange Commission’s plans to delist Chinese tech stocks in 2024 if they do not provide access to audit files.”

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