HSBC Global Research cut its Hong Kong target price for Alibaba (09988.HK) to
HK$166 from HK$172 after lowering its US target to US$170 from US$176, and kept
a Buy rating. The bank trimmed its fiscal 2027 adjusted net profit forecast by
3.7% to CNY 99.4 bln. For the fiscal first quarter ending June, HSBC expects
revenue to rise 8% YoY to CNY 267.9 bln and adjusted net profit to fall 41% YoY
to CNY 20.9 bln. HSBC said if Alibaba’s China e‑commerce unit bottoms in Q1, the
stock could be re‑rated.
