Investment Thesis We last covered Alibaba ( BABA ) in November, as we encouraged readers to consider staying out until we have clarity over its regulatory stance. Two months on, the stock is still about where it was (+/- 3%), and there is still no clarity over Beijing’s guidance. Nevertheless, Alibaba held an investor’s day in December, as they sought to assuage investors to focus on its long-term growth story as management discussed new growth areas. BABA stock is undoubtedly cheap given that it is trading at just 12.7x NTM EBITDA (3Y mean: 19x). But we know stocks are cheap...