Alibaba (BABA)/ 9988 HK; Jack Ma 04 (Dec 23 - Dec 26)

[winston]

4QFY26 Results

Preview: Soft CMR Growth Due To Change In Accounting Treatment; Sanguine AI+Cloud Outlook

Highlights

We expect 4QFY26 results to show soft revenue growth with narrowing losses in quick commerce partially offset by softer core commerce growth amid weaker online retail performance in March.

Cloud growth remains solid and broadly in line with expectations.

However, overall profitability may be weighed down by higher-than-expected losses in the “All Others” segment, driven by continued investments in AI and marketing effort.

Maintain BUY with an unchanged target price of HK$192.00 (US$196.00).

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email