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<Research>Nomura Raises Alibaba (BABA.US) TP to USD237; Potential IPO of T-Head Could Unlock Value
Recommend 21 Positive 31 Negative 6 |
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Nomura released a research report on BABA-W (09988.HK), which had purportedly decided to support the separate listing of its chip business company, T-Head. The report noted that Alibaba had previously kept its chip business plausible, possibly due to geopolitical risk considerations. As US-China relation is stabilizing and T-Head briskly broadening customer base, T-Head is expected to attract outside attention, making the spin-off for an separate listing a reasonable move. If the separate listing plan is finalized, Nomura expected it will unlock significant value for Alibaba's chip business. The broker noted that BIDU-SW (09888.HK) AI cloud business, including Kunlunxin, is valued at USD63 billion. Considering the relatively low transparency of T-Head's data, Nomura valued Alibaba Cloud and T-Head at approximately USD390 billion. Nomura maintained a Buy rating for Alibaba (BABA.US) US shares, raising the TP from USD193 to USD237. AASTOCKS Financial News Website: www.aastocks.com |
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