Fuli: BABA-W (09988) second quarter total revenue exceeds expectations, rated as "buy"

CICC released a research report stating that BABA-W (09988) total revenue in the second quarter was 1.1% higher than market expectations and 2.4% higher than the bank's forecasts, giving it a "buy" rating. The target price is 230 Hong Kong dollars. Data shows that Alibaba's China retail market revenue increased by 10% year-on-year; cloud business revenue increased by 34% year-on-year; adjusted EBITA profit margin reached 9%; overall adjusted EBITA reached 9.1 billion RMB; capital expenditure reached 31.5 billion RMB.