智通财经网·2025-11-27 02:15Core Viewpoint - CITIC Securities has issued a report valuing Alibaba (09988, BABA.US) with a target price of $206 per ADR and HKD 201 per share for its FY2027, maintaining a "Buy" rating based on a segmented valuation approach [1] Segment Summaries - E-commerce Business Valuation: Alibaba's e-commerce business is assigned a 10x P/EBITA valuation for FY2027, while instant retail is valued at 0, and international e-commerce at 1x PS [1] - Cloud Computing Performance: The cloud computing segment is valued at 5x PS, with revenue growth exceeding market expectations, indicating a strong performance [1] - Financial Metrics: The report suggests a FY2027 Non-GAAP PE of 24x for the group, reflecting positive financial outlooks [1] - Consumer Market Revenue (CMR): For FY2026 Q2, CMR revenue growth remains at 10%, with the Taotian Group achieving single-digit growth in EBITA after excluding flash purchase losses [1] - Flash Purchase Business: The flash purchase segment is transitioning from scale expansion to efficiency optimization, with expected losses aligning with forecasts, while benefiting from synergies with e-commerce [1] - AI Revenue Growth: In FY2026 Q2, capital expenditure reached 31.5 billion, with cloud revenue growing by 34%, surpassing market expectations, and AI revenue showing triple-digit year-on-year growth, accounting for over 20% of total revenue [1] - Future Cloud Strategy: Alibaba Cloud will continue to implement a "one cloud, multiple chips" strategy to meet strong AI customer demand, with expectations of accelerated revenue growth in the cloud business [1]