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<Research>Nomura: BABA-W (09988.HK) 3FQ Results Weak but Outlook Improves; Rating Kept at Buy
BABA-W (09988.HK) announced its 3FQ26 results ended December 2025, showing weak performance, Nomura released a research report saying. Consolidated revenue grew by 2% YoY, while co...
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<Research>Nomura: BABA-W (09988.HK) 3FQ Results Weak but Outlook Improves; Rating Kept at Buy
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BABA-W (09988.HK)  -4.200 (-3.423%)    Short selling $1.80B; Ratio 62.850%   announced its 3FQ26 results ended December 2025, showing weak performance, Nomura released a research report saying. Consolidated revenue grew by 2% YoY, while consolidated EBITA plummeted by 57% YoY, mainly due to more investments in AI and instant commerce, 2%/ 26% below market consensus, respectively.

The report quoted management's positive outlook on AI cloud, e-commerce and fast e-commerce. In the AI cloud business, the Company expected annual revenue from external customers to reach US$100 billion over the next five years (FY2031), equivalent to a CAGR of 40%, mainly driven by the MaaS powered by its advanced Qwen large language model.

Related News Jefferies Lowers TP for Meitu (01357.HK) to HKD7, Maintains 'Buy' Rating
Therefore, Nomura kept rating at Buy on BABA-W's US stock, with a target price of US$237.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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