Sealand Securities: Adjusts Alibaba-W (09988) earnings forecast, gives target price of HK$184, maintains "Buy" rating.

Zhito Finance APP has learned that Guohai Securities issued a research report stating that, considering the continued acceleration of cloud revenue/profit growth, the orderly narrowing of losses in the instant retail business, and the gradual stabilization of the traditional e-commerce business, the bank has adjusted its earnings forecasts. It is expected that Alibaba-W (09988) will have revenue of RMB 1,131.2 billion/1,286.2 billion/1,488.6 billion for FY2027-2029, respectively, with net profit attributable to shareholders of RMB 95.5 billion/155.8 billion/214.9 billion, respectively, and Non-GAAP net profit attributable to shareholders of RMB 136.0 billion/175.8 billion/236.3 billion, respectively, corresponding to P/E of 18.6x/11.4x/8.3x and corresponding Non-GAAP P/E of 13.5x/10.4x/7.7x; according to the SOTP valuation method, the bank gives Alibaba a neutral total target market capitalization of RMB 3,113.4 billion for FY2028, corresponding to a target price of RMB 156/HKD 184 (exchange rate referenced to the real-time exchange rate on October 12, 2026, HKD 1 = RMB 0.85), maintaining a "Buy" rating.