9M21 revenue and gross profits were in line at 70%/72% of our FY21 forecast. Operating margins down 2% points to 4.4% on higher labour and fulfilment costs. Amazon's cloud and advertising businesses continue to show register healthy growth of 39% and 50% YoY respectively. Maintain BUY with revised target price of US$4,157.00, down from US$4,329.00. […]

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