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<Research>Nomura: BABA-W (09988.HK) 3FQ Results Weak but Outlook Improves; Rating Kept at Buy
Recommend 16 Positive 27 Negative 14 |
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BABA-W (09988.HK) announced its 3FQ26 results ended December 2025, showing weak performance, Nomura released a research report saying. Consolidated revenue grew by 2% YoY, while consolidated EBITA plummeted by 57% YoY, mainly due to more investments in AI and instant commerce, 2%/ 26% below market consensus, respectively. The report quoted management's positive outlook on AI cloud, e-commerce and fast e-commerce. In the AI cloud business, the Company expected annual revenue from external customers to reach US$100 billion over the next five years (FY2031), equivalent to a CAGR of 40%, mainly driven by the MaaS powered by its advanced Qwen large language model. Therefore, Nomura kept rating at Buy on BABA-W's US stock, with a target price of US$237. AASTOCKS Financial News Website: www.aastocks.com |
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