摩根士丹利：阿里巴巴-2026 财年第一季度业绩预览，投资增加带来盈利压力，下调目标价
2025-07-11 01:05
July 9, 2025 12:10 PM GMT Alibaba Group Holding | Asia Pacific 1QF26 Preview: Earnings Pressure with Heightened Investments | What's Changed | | | | --- | --- | --- | | Alibaba Group Holding (BABA.N) | From | To | | Price Target | US$180.00 | US$150.00 | With estimate ~Rmb10bn in instant commerce investments and expect consolidated EBITA to fall 16% YoY (TTG + local services EBITA -20%) in F1Q with investments potentially peaking (~Rmb20bn) in F2Q. We forecast cloud revenue growth at 22% YoY. Reiterate OW a ...