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BUZZ-Alibaba Pictures at 2-month high after FY revenue beat

Reuters
May 20
BUZZ-Alibaba Pictures at 2-month high after FY revenue beat

** Shares of Alibaba Pictures Group Ltd 1060.HK jump 23.4% to HK$0.58, their highest since March 20

** Stock set for the biggest one-day pct rise since February 2021 if gains hold

** Alibaba-backed movie distribution group said its net income for fiscal year ended in March rose 28% y/y, revenue up 33% y/y and adjusted EBITA up 61% y/y

** Citi maintains "buy" rating on the stock saying revenue growing by 33% beat consensus

** Hong Kong-listed stock of Alibaba 9988.HK rises 2.5%, and on track to snap three straight sessions of fall

** Hang Seng Tech Index .HSTECH and Hang Seng Index .HSI both rise 1.3%

** YTD, Alibaba Pictures shares down 1.1%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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