Furui: Lowered BABA-W (09988) target price to HKD 179, expects MaaS to be a key growth driver for the next five years.
In the area of instant retail (QC), the loss in the third quarter of March continued to improve, and it is expected that the loss for the 2027 fiscal year will be half of that for the 2026 fiscal year; however, losses are expected to increase in other businesses.
Furui released a research report stating that it is expected that BABA-W (09988)'s cloud business will continue to grow strongly, with acceleration in the March quarter. The firm believes that Model as a Service (MaaS) will be a key driver of growth in the next five years, with the recent launch of Happy Horse (Village Video) being successful. Additionally, in the area of Instant Retail (QC), the losses in the March quarter continue to improve, and it is expected that the losses in the 2027 fiscal year will be reduced by half compared to the 2026 fiscal year; however, losses in other businesses are predicted to increase. The firm maintains a "Buy" rating on Alibaba, with the target price for Alibaba (BABA.US) lowering from $212 to $185, and the target price for Hong Kong stocks decreasing from 206 Hong Kong dollars to 179 Hong Kong dollars.
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