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<Research>Jefferies Chops BABA-W (09988.HK) TP to $206, Reiterates Buy Rating as Quick Commerce Fundamentals Continue to Improve
Recommend 22 Positive 23 Negative 15 |
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BABA-W (09988.HK) announced its 3FQ results for the year ended December 2025, with total revenue growing by 2% YoY to RMB284.8 billion, roughly in line with Jefferies' expectation but 1.7% below market consensus, Jefferies issued a research report saying. Adjusted EBITDA fell by 45% YoY to RMB34.1 billion, lower than market consensus of RMB39.6 billion and the broker's forecast of RMB35 billion. In terms of instant commerce, the Group maintained a target of over RMB1 trillion GMV for FY2028, expecting to achieve positive cash flow by then and profitability in FY2029. Regarding China's e-commerce business, management estimated significant improvement in quarterly physical goods GMV, CMR and profit for the 4FQ26 ended March compared to 3FQ26. Therefore, Jefferies kept rating at Buy on BABA-W, and chopped its target prices for Alibaba Group (BABA.US)'s US stock/ H-shares from US$225/ $218 to US$212/ $206. AASTOCKS Financial News Website: www.aastocks.com |
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