5 Best Asian Stocks To Buy Today

1. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 113

Alibaba Group Holding Limited (NYSE:BABA) was incorporated in 1999 and is based in Hangzhou, China. Alibaba Group Holding Limited (NYSE:BABA) offers technology infrastructure and marketing services to support merchants, brands, retailers, and other businesses to connect with their users and customers in China and other countries. It is one of the best Asian stocks to monitor. On February 23, Alibaba Group Holding Limited (NYSE:BABA) reported a Q3 non-GAAP EPS of $2.79 and a revenue of $35.92 billion, outperforming Wall Street estimates by $0.39 and $40 million, respectively. 

On February 24, Truist analyst Youssef Squali raised the firm’s price target on Alibaba Group Holding Limited (NYSE:BABA) to $130 from $120 and kept a Buy rating on the shares. The analyst noted that Alibaba Group Holding Limited (NYSE:BABA)’s Q3 results demonstrate a sustained enhancement in margins despite challenging demand conditions in China and abroad. The analyst also mentioned that although Alibaba Group Holding Limited (NYSE:BABA)’s performance in the March quarter started weak, demand has significantly improved since then, resulting in positive growth, thanks to the reopening of the economy.

According to Insider Monkey’s fourth quarter database, 113 hedge funds were bullish on Alibaba Group Holding Limited (NYSE:BABA), compared to 105 funds in the prior quarter. Philippe Laffont’s Coatue Management is a prominent stakeholder of the company, with 5 million shares worth $440.5 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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