Ge Long Hui·2026-01-27 05:45Core Viewpoint - Nomura's report indicates that Alibaba plans to support its chip subsidiary, Pingtouge, in pursuing an independent listing, which is expected to unlock significant value for Alibaba's chip business [1] Group 1: Company Valuation - Based on the forecasted sales for 2027, Nomura estimates a valuation of approximately $390 billion for Alibaba Cloud and Pingtouge, using a sales multiple of about 8.5 times [1] - The target price for Alibaba's U.S. stock has been raised from $193 to $237, reflecting the anticipated value release from the independent listing [1] Group 2: Market Impact - The independent listing plan, if realized, is expected to enhance the transparency of Pingtouge's data and operations, potentially attracting more investor interest [1]