Guangfa Securities: Maintains a "buy" rating on Alibaba-W (09988.HK) with a fair value of HK$184.91 per share.

Zh tng cijng APP hu zh, gung f zhngqun fb ynbo chng, yj FY2027-2029 l bb-W (09988.HK) yngy shur wi 11602.18/13329.34/15376.54 y yun, jng tiozhng hu jngl wi 1048.56/1396.05/1709.02 y yun. Gzh fngmin, gi hng ciyng SOTP fngf, du zhnggu dinshng jtun yw jy FY27 ci nin EBITA jy 8 bi P/EBITA gzh, du yn zhnng jtun jy FY27 ci nin shur jy 6.5 bi PS gzh, bng nr jng xinjn jizh. Duyng gngs hl jizh wi 184.91 hngyun/g, mig 188.57 miyun/ADS, wich "mir" pngj. Zhtng Finance APP learned that GF Securities released a research report stating that it is estimated that the operating income of Alibaba-W (09988.HK) for FY2027-2029 will be 11602.18/13329.34/15376.54 billion yuan, with adjusted net profits of 1048.56/1396.05/1709.02 billion yuan. In terms of valuation, the bank uses the SOTP method, giving a valuation of 8 times P/EBITA for the China e-commerce group's business based on FY27 fiscal year EBITA, and a valuation of 6.5 times PS for the cloud intelligence group based on FY27 fiscal year revenue, including net cash value. The corresponding company's fair value is 184.91 Hong Kong dollars/share, 188.57 US dollars/ADS, and maintains a "buy" rating.