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<Research>JPM: BABA-W (09988.HK) 3FQ Profit Disappointing; Mkt Reaction Expected Negative
Recommend 13 Positive 35 Negative 27 |
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JP Morgan's research report covered BABA-W (09988.HK), which reported a 2% YoY rise in total revenue to RMB284.8 billion for 3QFY26, 2% lower than both the broker's and market's expectations, but broadly acceptable. However, the adjusted net profit plummeted by 67% YoY to RMB16.7 billion, 40% and 44% below the broker's and market's expectations, respectively, and is disappointing. Key revenue segments such as CMR and cloud largely met investor expectations, reflecting that this quarter did not undermine the core narrative of cyclically slowing commerce monetization and solid AI/ cloud demand. However, this was offset by underperformance across a broad range of business segments, reflecting higher-than-expected cost pressures and a weakening short-term profit trajectory. JP Morgan maintained an Overweight rating on BABA-W with a target price of HKD210. AASTOCKS Financial News Website: www.aastocks.com |
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