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2026-11-09 15:38:30 Goldman Sachs published a research report maintaining a Buy rating on BABA-W (09988.HK), citing the group's continuously evolving AI narrative. In addition to ROIC and payback period, investors are also focusing on cash flow, sustainability of returns, assets and business portfolio. Goldman Sachs maintained its forecast for total capital expenditure of RMB712 billion for FY2027-29, and expected the funding gap to narrow further from end-2027 and turn positive by mid-2028 under its base-case assumptions. Cloud business EBITDA was expected to match e-commerce for the first time in the March 2028 quarter, after which the cloud business will become the largest driver of operating cash flow. Goldman Sachs also raised its forecasts for Alibaba's AI cloud and computing power growth for FY2027-29 from 53%, 38% and 33% to 53%, 45% and 39%, respectively. It estimated that MaaS will become a larger contributor to AI revenue by end-2028, and raised its EPS forecasts for FY2028 and FY2029 by 2% and 4%, respectively. It maintained the TP at HKD172 unchanged, while keeping the US share TP for Alibaba (BABA.US) at USD177. ~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |