Shenwan Hongyuan maintains a "buy" rating on Alibaba-W (09988.HK) with a target price of HK$197.

Zhtng cijng APP huzh, shn wn hng yun fb ynbo chng, wich lbb-W (09988.HK) yngl yc, wich mir pngj. Yj lbb jtun zhngt FY2026-FY2028 shur fnbi wi 10,386/11,434/12,506 yun, tiozhng hu gum jngl fnbi wi 1,019/1,455/1,836 yun. SOTP gzh f xi, jtun zhngt mbio gzh 34,124 y rnmnb, duyng mbio ji 203 miyun/ADS, duyng shngxi xin kngjin 34%, duyng gngg mbio ji 197 hngb/g, duyng shngxi kngjin 34%.