CICC International: Alibaba-W (09988.HK) has mixed feelings in the fourth quarter, target price lowered to 160.6 Hong Kong dollars.

Zhtng Cijng APP hu x, jinyn guj fb ynbo chng, l bb-W (09988.HK) 2025 nin d s cij yj xyu cnbn. Jy SOTP gzh, xidio jtun mbioja 5%, yu 169.1 gngyun jingzh 160.6 gngyun. Jngun yj bioxin cnchi, gi hng rng rnwi l bb tuz wig, boku wndng de totin jtun (TTG) shchng fn' j jguxng yn yw zngzhng. G wich "poyng dsh" pngjng. According to the Zhtng Cijng APP, Jinyn Guj has released a research report stating that Alibaba-W (09988.HK) had a mixed performance in the fourth quarter of 2025. Based on SOTP valuation, the group's target price was lowered by 5%, from 169.1 Hong Kong dollars to 160.6 Hong Kong dollars. Despite the uneven performance, the bank still believes that Alibaba's investments are stable, including stable market share of Taotian Group (TTG) and structural growth in cloud business. Therefore, it maintains a "outperform" rating.