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<Research>CLSA: BABA-W (09988.HK) 3FQ Results Miss; Adj. NP Forecast Lowered
Recommend 21 Positive 20 Negative 15 |
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BABA-W (09988.HK)'s 3FQ results did not align with expectations, although management remained optimistic about the growth trajectory of its cloud business, CLSA said in its research report. The broker lowered Alibaba's adjusted net profit forecasts for FY26 and FY27 by 7% and 3%, respectively. CLSA maintained Buy on Alibaba (BABA.US) US shares, with a target price of USD200. Alibaba's total revenue added 1.7% YoY during the period, while adjusted EBITA slid 57.3%, 12% below the broker's forecast. E-commerce business was underwhelming, but cloud revenue grew by 36% YoY. Alibaba expected external cloud revenue to accelerate growth and reach a scale of USD100 billion within five years, implying a CAGR of 40%, with MaaS being the largest driver. AASTOCKS Financial News Website: www.aastocks.com |
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