Zhi Tong Cai Jing·2025-10-02 02:35Core Viewpoint - Daiwa has raised Alibaba's target price from HKD 180 to HKD 205, an increase of 13.9%, while maintaining a "Buy" investment rating [1] Group 1: Financial Projections - Daiwa has revised its revenue forecasts for Alibaba for the fiscal years 2026-2028, increasing them by 0.3% to 2.9%, primarily due to a more optimistic outlook on the cloud business [1] - The target price adjustment is based on an average valuation of 11.0 times for Alibaba's fiscal year 2026-27 [1] Group 2: Cloud Business Insights - Participation in the Alibaba Cloud 2025 Cloud Summit held from September 24-26 in Hangzhou led to a reassessment of revenue and capital expenditure forecasts for Alibaba Cloud [1] - Daiwa's long-term gross margin outlook for Alibaba Cloud is more optimistic than the market's expectations [1]