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<Research>HSBC Research Raises BABA-W (09988.HK) TP to $200, Optimistic About LT Growth Prospects of Cloud Biz
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BABA-W (09988.HK) may invest more in the instant retail sector than the market expected in the short term, HSBC Global Research published a research report saying. The broker remained optimistic about customer management revenue and the growth prospects of its cloud business.

Based on the improved long-term growth outlook of the cloud business, HSBC Global Research raised its target prices for BABA-W's H-shares/ US stock from $185/ US$190 to $200/ US$205.

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HSBC Global Research currently forecasted that BABA-W's FY2026-2028 instant retail business losses will increase to RMB83 billion/ 38 billion/ 8 billion. The loss situation is expected to improve QoQ.

Hence, the broker lowered its annual profit forecasts by 19%/ 11%/ 5%, and anticipated cloud business to remain a major highlight of development, with revenue estimated to accelerate continuously and profit margins to remain stable.
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