External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus, with customer management revenue (CMR) and Cloud Intelligence Group (CIG) revenue growth standing at 10% and 30%, respectively.</li><li>Although we have baked in the RMB37.4bn impact on adjusted EBITA from investment in quick commerce (QC) business, we believe the investment should have peaked out in 2QFY26 and its impact on earnings will start to fade in 3QFY26E as QC is on track to halve unit economics loss by end-Oct 2025.</li><li>We fine-tune our target price to US$209.4 (was US$210.3) to reflect adjustments in earnings forecast. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus, with customer management revenue (CMR) and Cloud Intelligence Group (CIG) revenue growth standing at 10% and 30%, respectively.Although we have baked in the RMB37.4bn impact on adjusted EBITA from investment in quick commerce (QC) business, we believe the investment should have peaked out in 2QFY26 and its impact on earnings will start to fade in 3QFY26E as QC is on track to halve unit economics loss by end-Oct 2025.We fine-tune our target price to US$209.4 (was US$210.3) to reflect adjustments in earnings forecast. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Quick Commerce Investment Peaked Out; Accelerating AI Adoption

<ul><li>We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related products and digitalization demand;</li><li>2) solid e-commerce business development outlook, driven by increase in penetration of Quanzhantui, and cross-sell effect brought by the rapid development of Quick Commerce (QC) business, which we believe could help improve user stickiness and drive better customer management revenue (CMR) outlook over the medium to long term.</li><li>With strong technological capability and abundant application scenario of AI, Alibaba is on track to drive its long-term revenue and earnings growth through the two strategic business pillars of “Consumption” and ”AI + Cloud”. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related products and digitalization demand;2) solid e-commerce business development outlook, driven by increase in penetration of Quanzhantui, and cross-sell effect brought by the rapid development of Quick Commerce (QC) business, which we believe could help improve user stickiness and drive better customer management revenue (CMR) outlook over the medium to long term.With strong technological capability and abundant application scenario of AI, Alibaba is on track to drive its long-term revenue and earnings growth through the two strategic business pillars of “Consumption” and ”AI + Cloud”. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Cloud and E-Commerce Development Both in Good Shape; Reiterate BUY

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Positive medium/long-term outlook intact; retain Buy rating and TP of HK$142 We maintain our Buy rating and target price of HK$142 on Alibaba</li><li>While costs tied to quick commerce will likely pressure near-term earnings, synergies with existing e-commerce operations are already visible, and related earnings should improve over time as scale effects materialize</li><li>Meanwhile, Alibaba has released and open-sourced frontier-level foundation models, and it is reportedly developing its own AI inference chip</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Positive medium/long-term outlook intact; retain Buy rating and TP of HK$142 We maintain our Buy rating and target price of HK$142 on AlibabaWhile costs tied to quick commerce will likely pressure near-term earnings, synergies with existing e-commerce operations are already visible, and related earnings should improve over time as scale effects materializeMeanwhile, Alibaba has released and open-sourced frontier-level foundation models, and it is reportedly developing its own AI inference chipContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (09988 HK/Buy) Undervalued Relative to Technological Capabilities

<ul><li>Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.</li><li>For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).</li><li>However, we expect the heightened investment in instant commerce to weigh on near-term profitability. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.For 1QFY26 (March year-end), we are anticipating a continued acceleration in cloud revenue growth QoQ, a sustained YoY increase in monetization rate of Taobao &amp; Tmall Group (TTG), and ongoing YoY loss reduction of Alibaba International Digital Commerce (AIDC).However, we expect the heightened investment in instant commerce to weigh on near-term profitability. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

<ul><li>Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.</li><li>Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.</li><li>Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on 3 Jul.Alibaba proposed to offer HK$12bn aggregated principal amount of zero coupon bonds due 2032, and intends to use the net proceeds for general corporate purposes, including investment to support the development of cloud infrastructure and international commerce business.Alibaba can elect to satisfy its exchange obligation to holders of the bonds by delivering AH shares, cash, or a combination of cash and AH shares of Ali Health. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (9988 HK)

Alibaba (BABA US) - Quick Commerce Investment Peaked Out; Accelerating AI Adoption

For 2QFY26E (March year-end), we expect Alibaba Group Holding (Alibaba) to deliver revenue growth of 2% YoY, broadly inline with Bloomberg consensus

CMB International

Alibaba (BABA US) - Cloud and E-Commerce Development Both in Good Shape; Reiterate BUY

We reiterate our positive view on Alibaba, backed by: 1) strong cloud revenue growth outlook, aided by both increase in adoption of AI-related...

CMB International

Alibaba (09988 HK/Buy) Undervalued Relative to Technological Capabilities

Positive medium/long-term outlook intact; retain Buy rating and TP of HK$142 We maintain our Buy rating and target price of HK$142 on Alibaba

Mirae Asset Securities

Alibaba (BABA US) - Escalated Investment in Instant Commerce Could Weigh on ST Profitability

Alibaba Group (Alibaba) is escalating its investment in instant commerce to shape a better prospect in long-term e-commerce business development.

CMB International

Alibaba (BABA US) - Offering of Exchangeable Bonds to Support International Business Development

Alibaba Group (Alibaba) announced the proposed offering of exchangeable bonds by reference to the ordinary share of Alibaba Health (Ali Health) on...

CMB International

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