@Namajapa In my experience value stocks are the ones with undervalued optionality - the possibility things get unexpectedly better. Expensive story stocks by contrast anticipate and price in all manner of good future outcomes long before they are actually delivered/deliverable.

BABA:

*Slowing revenue growth/maturing e-com pen; rising competition and falling market share.
*40% decline in core profitability in 3Q21.
*Run-rate core P/E probably about 40x post SBC with further significant declines possible.
*Regulatory risks/headwinds.
*Still over-owned.

I've been arguing for a while now people have been using inappropriately low forward P/E multiples for BABA, often arguing it's on <20x 2021, excluding substantial SBC and failing to account the earnings risks & reasons why the stock has been going down in the first place.