CICC International: Alibaba-W's fourth quarter mixed joys and sorrows, target price reduced to 160.6 Hong Kong dollars.

Industrial and Commercial Bank International released a research report stating that Alibaba-W's performance in the fourth quarter of fiscal year 2025 is mixed. Based on the SOTP valuation, the group's target price was lowered by 5%, from HK$169.1 to HK$160.6. Despite the mixed performance, the bank still believes that Alibaba's investment is solid, including stable market share of Taobao Group and structural growth in cloud business. Therefore, the bank maintains an "outperform" rating.