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Nomura Projects BABA-W 2FQ Results In Line; E-commerce Profit Resilient; Cloud Growth Stronger
2026-10-02 15:31:57
Nomura published a research report expecting BABA-W (09988.HK)'s results for 2FQ ended September to be broadly in line, with resilient e-commerce profit and stronger cloud business growth, reflecting management's greater focus on AI and cloud businesses, while placing more emphasis on profitability of other businesses to preserve cash flow for AI investments.

The broker raised its FY2027 adjusted net profit forecast for the fiscal year ending March next year by 7%, propelled by higher e-commerce profit forecasts. It maintained a Buy rating on Alibaba Group Holding Limited (BABA.US) ADR and a USD178 target price.
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