Ge Long Hui·2025-12-03 05:12Core Viewpoint - Morgan Stanley reports that Alibaba Health achieved a strong revenue growth of 17% in the first half of the fiscal year 2026, driven by robust growth in original prescription drugs and the comprehensive effects of real-time retail on Taobao [2] Group 1: Financial Performance - Alibaba Health's revenue and adjusted earnings per share forecasts for fiscal year 2026 have been raised by 3% and 9% respectively, reflecting better-than-expected performance in the first half of the year [2] - The revenue forecast for fiscal year 2027 has also been increased by 3%, while the adjusted earnings per share estimate remains largely unchanged [2] Group 2: Valuation and Ratings - Based on the fiscal year 2026 forecast of a 2.5x enterprise value/revenue multiple, Morgan Stanley maintains a target price of HKD 6.5 for December 2026 and retains a "Neutral" rating [2] - Goldman Sachs anticipates that Alibaba Health's fiscal year 2026 performance guidance still has upside potential and has raised its target price to HKD 5.2 [3]