CICC: Raises Alibaba-W (09988) Earnings Forecast Cloud Business Growth Accelerates, Rating "Outperform Industry"

According to the Zhidao Finance app, Zhongjin released a research report stating that it maintains a "outperform industry" rating on Alibaba-W (09988), with a Hong Kong target price of 172 Hong Kong dollars and an Alibaba (BABA.US) target price of 178 US dollars. Alibaba's revenue in the fourth quarter ending in March increased by 2.9% year-on-year to 243.4 billion yuan (RMB); If the impact of disposed businesses is excluded, the comparable revenue increased by 11% year-on-year. During the period, adjusted EBITA decreased by 84.4% year-on-year to 5.1 billion yuan, which was lower than market expectations, mainly due to the bank increasing investment in large models and the promotion of the Qwen App during the Spring Festival.