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<Research>G Sachs Reiterates Buy on BABA-W (09988.HK) with TP of HKD180
Recommend 19 Positive 30 Negative 10 |
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Goldman Sachs published a report covering BABA-W (09988.HK), which delivered soft 3QFY26 results, with total revenue growing by 2% YoY, and group EBITA declining by 57% YoY, yet the key business lines largely in line. E-commerce CMR added 1% YoY, aligning with the broker's expectations; cloud revenue mounted by 36% YoY. The deviation was mostly contributed from higher Qianwen model and Qianwen consumer app investments over the quarter. The report highlighted positive factors in the results, including AI revenue achieving triple-digit growth for the tenth consecutive quarter; external cloud revenue growth accelerating to 35%; and AI-driven capex maintaining at the level of RMB29 billion. Management also elaborated on Alibaba's AI infrastructure and full-stack AI layout, accentuating the rapid expansion of the Tongyi Qianwen model family, T-Head chips, and the progress of Tongyi Qianwen consumer AI applications. Goldman Sachs maintained its Buy rating on BABA-W, with a target price of HKD180. AASTOCKS Financial News Website: www.aastocks.com |
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