智通财经网·2025-11-27 06:17Core Viewpoint - Morningstar's report indicates that Alibaba's adjusted EBITA fell nearly 78% quarter-on-quarter for the second quarter ending September, with management forecasting a shift from "accelerated" to "high-speed" growth in its cloud intelligence business in the coming quarters [1] Financial Performance - Alibaba's adjusted EBITA underperformed expectations primarily due to an increase in instant retail losses and higher investments in foundational models and AI applications [1] - The forecast for adjusted EBITA for fiscal years 2026 to 2028 has been revised down by 5% to 7%, while mid-cycle profit forecasts remain largely unchanged [1] Revenue Guidance - The growth guidance for Alibaba Cloud has slowed, attributed to supply constraints, quarterly fluctuations in internal AI cloud usage, and high base effects [1] - Morningstar maintains its revenue expectations for Alibaba Cloud and its capital expenditure forecast above guidance, while the customer management revenue guidance aligns with expectations [1] Market Position - The report suggests that Alibaba's business possesses a wide economic moat, and the market continues to underestimate the management's strong execution capabilities and the potential of its cloud business, indicating that the company's value remains undervalued [1]