Global Research ab 16 May 2025 First Read Alibaba Group 4QFY25 slight miss; thesis unchanged despite short-term margin fluctuation 4QFY25 slight missed Revenue +7% YoY, and adj. EBITA +36% YoY. Both missed by 1-2% (quick take). Key focuses This report has been prepared by UBS Securities Asia Limited. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 6. UBS does and seeks to do business with companies covered in its resea ...

Alibaba Group (BABA US) Buy: Improved outlook on CMR CMR monetization is going strong, accelerating to 12% in the March quarter (from 9% in December), beating expectations. We raise our FY26 CMR estimate to 8% (from 7%) as we think this trajectory has room to go as BABA continues to lift service fee exemptions to SMEs and further roll out the full-platform ad tool in coming quarters. We are confident that cloud revenue can continue to accelerate to meet our 20% y-o-y growth in FY26e. Robust AI demand has li ...