智通财经网·2025-11-26 12:42Core Insights - Goldman Sachs has slightly adjusted the valuation of Alibaba's ADR to $54, maintaining a "Buy" rating due to the strong business visibility of Alibaba Cloud, which is the largest hyperscale cloud service provider in China [1] Financial Performance - Alibaba aims to significantly improve the unit economics of its food delivery and instant retail business, with losses peaking in September but halved in October compared to July and August [1] - However, the expectation for customer management revenue growth has been lowered compared to previous quarter comments, leading Goldman Sachs to revise the growth forecast for core e-commerce EBITA (excluding instant retail) for fiscal years 2026/27/28 from 2%/11%/9% to 1%/5%/5% [1] Profit Forecasts - Goldman Sachs has adjusted the forecast for adjusted net profit for fiscal years 2026-28 by -12% to +4%, reflecting the downward revision in customer management revenue growth expectations and reinvestment in e-commerce [1] Target Price Adjustment - The 12-month target price based on a sum-of-the-parts valuation method has been reduced from $205/199 HKD to $197/192 HKD, reflecting the lowered valuation of the Chinese e-commerce business, while maintaining the valuation for Alibaba Cloud [1] Strategic Focus - Alibaba's investment theme driven by AI remains unchanged, focusing on becoming an AI-driven application in daily consumption (Taobao + Amap) and a hyperscale cloud service provider [1]