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2026-11-09 16:06:16 Goldman Sachs published a research report forecasting aggregate net profit of Chinese internet companies for the September quarter to elevate 9% YoY, while maintaining its preference for the gaming and entertainment sub-sectors due to their defensive growth characteristics. The broker expected feeble consumption to continue weighing on e-commerce, advertising and local services, while cloud business revenue growth accelerates and profitability at transaction platforms improves from trough levels. Entering 4Q26, investor focus was expected to center on FCF, elevated AI capex, and the monetization progress of enterprise AI models at major companies including TENCENT (00700.HK), BABA-W (09988.HK), PDD Holdings Inc. (PDD.US), MEITUAN-W (03690.HK) and JD-SW (09618.HK). Regarding Alibaba, the broker assessed the sustainability of the company's AI investment spending and returns beyond ROIC, and raised its forecasts for AI cloud and computing power growth, lifting its FY2028-29 EPS forecasts by 2% to 4%. T The broker said market expectation downgrades have bottomed out and recent earnings are showing signs of an inflection point. Backed by potential upside in cloud and forecast upgrades, the share price was estimated to recover. Goldman Sachs maintained its 12-month target prices for Alibaba Group Holding Limited (BABA.US) ADR and H shares at USD177 and HKD172 respectively, with a Buy rating. ~ AASTOCKS Financial News Website: www.aastocks.com | |