CICC: Maintains Alibaba-W (09988) outperform rating with a target price of HK$172.

According to the Securities Times APP, Zhongjin released a research report stating that currently Alibaba (09988, BABA.US) Hong Kong and US stocks are trading at 18/16 and 12/10 times FY27/FY28 non-GAAP P/E ratios. The bank basically maintains its FY27/FY28 revenue forecast, considering the improvement in the efficiency of e-commerce and flash sale operations, and raising the FY27/FY28 non-GAAP net profit attributable to mothers by 9% and 2% to 99.6 billion yuan and 149.9 billion yuan. The bank adopts a SOTP valuation, giving e-commerce business (excluding flash sales) a 7x P/E-earnings multiple for FY27 and cloud computing business an 8x P/S-sales multiple. It maintains a target price of $178 and HK$172 for US stocks and Hong Kong stocks, respectively, and maintains an outperform rating, with potential upside of 60% and 81% from current Hong Kong and US stock prices.