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<Research>Haitong Int'l Initiates Coverage on BABA-W (09988.HK) with Outperform Rating, $200 TP
Recommend 37 Positive 54 Negative 27 |
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Haitong International published a research report, initiating coverage on BABA-W (09988.HK) with an Outperform rating. The report highlighted Alibaba as a leading global technology and commerce platform, operating across e-commerce, cloud computing, digital media, and international trade. Although revenue growth was expected to ease from 2024, the performance in 2025 reflects the group's strategic realignment, focusing on e-commerce and cloud as its two core operations. The organizational structure was streamlined from the "1+6+N" framework to four main categories: China E-commerce, International Digital Commerce, Cloud Intelligence, and Others. The broker set a target price of HKD200 for Alibaba's Hong Kong shares. There was optimism that Alibaba is entering an AI-led recovery phase, with overall revenue growth envisioned to reaccelerate. Haitong International noted that substantial subsidies in the food delivery and quick commerce may heavily squeeze Alibaba's profitability in 2026, with margins expected to recover from 2H26 and return to normal levels of approximately 17% NPM and 17% EBITA margin in 2027. AASTOCKS Financial News Website: www.aastocks.com |
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