reports
- Jin Yoon
BABA FY3Q26 Results: AI Investments to Weigh Down Margins for FY27
What’s new: Alibaba’s reported FY3Q26 results that were below consensus and our expectations. External cloud and AI revs could grow at least 40% CAGR over the next five years as demand for AI remains resilient. However, investments in AI including marketing spending related to Qwen App could continue to weigh down margins heading into FY27. We lower our PT from US$200 to US$170 on lowered margin outlook. Our updated PT of US$170 implies 21.8x FY27E P/E. We maintain our BUY rating. Analysts: Jin...
- Julia Pan Mengyao
Alibaba Group (9988 HK): 3QFY26: Earnings Miss; Targeting A US$100b AI...
Alibaba’s 3QFY26 earnings missed expectations. Revenue grew 1.7% yoy to Rmb284.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb16.7b, down 44% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 4QFY26, management expects: a) a significant narrowing of quick commerce losses, b) a recovery in CMR growth and profitability, and c) continued strong growth in cloud revenue. Maintain BUY with a lower target price of HK$192.00 (US...
- Gigi Cheuk
- Greater China Research Team
- Johnny Yum Chung Man
- Joyce Chu
- Julia Pan Mengyao
- Kate Luang
- Tham Mun Hon
Greater China Daily: Friday, March 20, 2026
Top Stories Company Results | AAC Technologies (2018 HK/BUY/HK$34.30/Target: HK$41.00) AAC's 2H25 earnings registered a solid 8.7%/4.1% beat vs our/consensus estimates on better opex control and lower finance costs. Management remained optimistic on its diversified business, guiding steady margin improvements and revenue growth of mid-teens or above for most segments in 2026. Maintain BUY and keep target price at HK$41.00. Company Results | AIA Group (1299 HK/BUY/HK$82.80/Target: HK$109.00) AI...
- Greater China Research Team
Greater China Strategy Alpha Picks: March Conviction Calls.
Chinese equities consolidated further in February, with the HSI and MSCI China Index declining 2.8% mom and 5.6% mom, respectively. March is expected to be volatile, as there are signs that the Middle East conflict could last for a while. We focus on names which have greater domestic exposure, adding Anta, China Duty Free, FII, Futu, Kuaishou and Tencent to our BUY list.
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002460 GANFENG LITHIUM CO. LTD. CLASS A
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
FUTU FUTU HOLDINGS ADS
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
06160 BEIGENE LTD.
002371 CH NAURA TECHNOLOGY GROUP CO LTD
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Alibaba Group Holding Limited and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 26 February 2026 in which we reassessed the appropriateness of the ratings in...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks – February 2026
Greater China Strategy | Alpha Picks: February Conviction Calls Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list. Indonesia Strategy | Alpha Picks: From MSCI Shock To Policy-Driven Rebala...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
KTC KRUNGTHAI CARD PCL
00823 LINK REAL ESTATE INVESTMENT TRUST
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
ENRG ENERGI MEGA PERSADA
BN2 VALUETRONICS HOLDINGS
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
IVL INDORAMA VENTURES PUBLIC CO. LTD.
JPFA JAPFA COMFEED INDONESIA
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
5347 TENAGA NASIONAL BHD
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
PTTEP PTT EXPLORATION & PRODUCTION PLC
BN4 KEPPEL CORPORATION LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
000333 MIDEA GROUP CO. LTD. CLASS A
MINT-R MINOR INTERNATIONAL PCL NVDR
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
PDD PINDUODUO INC. SPONSORED ADR CLASS A
RHBBANK RHB BANK BHD
VSI V.S. INDUSTRY BERHAD
BURSA BURSA MALAYSIA BHD
CPN-R CENTRAL PATTANA PCL NVDR
RATCH RATCH GROUP PUBLIC CO. LTD.
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09999 NETEASE INC
SCGP SCG PACKAGING PCL
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
PXP PLAINS EXPLORATION & PRODUCTION COMPANY
2269 WUXI BIOLOGICS (CAYMAN) INC.
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
06160 BEIGENE LTD.
09888 BAIDU INC
CLAR CAPITALAND ASCENDAS REIT
MDKA MERDEKA COPPER GOLD TBK PT
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
YINSON YINSON HOLDINGS BHD
IOIPG IOI PROPERTIES GROUP BHD
0303 ALPHA IVF GROUP
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
HRUM HARUM ENERGY TBK PT
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Greater China Research Team
- Tham Mun Hon
Greater China Strategy Alpha Picks: February Conviction Calls.
Chinese equities recovered in January, with the HSI and MSCI China rising 6.9% and 5.0% mom respectively. Given the supportive macro policy environment, we maintain a constructive view on the markets despite the risk of further volatility in February. Accordingly, we are adding Alibaba, Ganfeng Lithium, and Minth to our BUY list, and Meituan to our SELL list.
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00823 LINK REAL ESTATE INVESTMENT TRUST
002371 NAURA TECHNOLOGY GROUP CO LTD CLASS A
00388 HONG KONG EXCHANGES & CLEARING LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
03690 MEITUAN CLASS B
1772 GANFENG LITHIUM CO. LTD. CLASS H
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
06160 BEIGENE LTD.
09888 BAIDU INC
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
- Julia Pan Mengyao
China Internet. Deeper Dive Into Agentic AI And The Rise Of AI Super A...
To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To- B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) rollout of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Maintain OVERWEIGHT. Top BUYs: Baidu,...
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 3QFY26 Results Preview: Lukewarm CMR Growth; ...
We expect Alibaba to report lacklustre 3QFY26 results but expect a gradual margin recovery on softer investment in instant delivery competition. We are cautiously optimistic on Alibaba’s core commerce business due to the high base last year and ongoing competition. Nevertheless, we are sanguine on its cloud strategy, which will position the company well to become a technology platform centred on AI + Cloud with long-term strategic value and growth flywheel. Maintain BUY with an unchanged target ...
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Kenny Yong Hui Lim
- Ming San Soong
Greater China Daily: Tuesday, January 13, 2026
Top Stories Sector Update | China Property Demand remained under pressure in Jan 26, with both new-home sales and secondary-home transactions continuing to post sharp yoy declines. Land market activity weakened notably towards the end of 2025, while capital and demand were further concentrated in a small number of strong Tier 1-2 cities, underscoring persistent divergence across regions amid still-soft market sentiment. We remain UNDERWEIGHT on China’s property sector, and expect high policy vo...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 3Q25 Results Recap: Strong AI Cloud Top-line Growth; L...
China’s internet companies reported resilient 3Q25 top-line growth and continuous margin improvement in the online gaming and OTA sectors, empowered by improved AI efficiency and benign competition. Margin pressure in e-commerce due to the intense on-demand delivery competition is likely to ease in 4Q25, but could persist into 2026 given the continuous investment and tough comparison base boosted by the trade-in programme in 2025. Maintain MARKET WEIGHT. Top BUYs: Alibaba, Tencent, TCOM, TME, Ne...
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
- Greater China Research Team
- Tham Mun Hon
Greater China Market Strategy: 2026 Year Ahead: Global easing continue...
Highlights We expect global liquidity cycle to remain strong for at least 1H26, following the Fed’s return to policy easing in Sep 25, benefitting emerging market assets and commodities. Chinese equities are likely to rally further, and our index target for MSCI China index target is at 104 pts based on 16.3x 12-month forward PE and 6% EPS growth assumption. We prefer exposure to growth industries like AI/semiconductors, automation/robotics, ADAS and innovative drugs and liquidity proxies ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
00700 TENCENT HOLDINGS LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
2899 ZIJIN MINING GROUP CO. LTD. CLASS H
PDD PINDUODUO INC. SPONSORED ADR CLASS A
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
02208 XINJIANG GOLDWIND SCIENCE & TECHNOLOGY CO. LTD. CLASS H
06160 BEIGENE LTD.
09961 CTRIP.COM INTERNATIONAL
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002371 CH NAURA TECHNOLOGY GROUP CO LTD
- Jin Yoon
BABA FY2Q26 Results: Cloud Rev Growth Could Remain Resilient in the Ne...
What’s new: Alibaba’s reported FY2Q26 revs that were above consensus and largely in line with our expectations. Cloud rev growth momentum could continue in the CY4Q25 as demand continues to outpace supply of compute. Quick commerce could also meaningfully narrow losses sequentially partly driven by further improvement in unit economics. We maintain our PT at USD200. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Alibaba Group (9988 HK): 2QFY26: Solid CMR And Accelerating Cloud Reve...
Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued strong cloud revenue growth. Maintain BUY with a higher target price of HK$206.00 (US$206....
- Bella Lu Yifei
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Wednesday, November 26, 2025
Top Stories Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued str...
- Adrian Loh Tzum Yung
- Audrey Celia
- Bella Lu Yifei
- Desmond Chong Chee Wai
- Julia Pan Mengyao
- Ken Lee
- Malaysia Research Team
- Ming San Soong
- Philip Wong
- Suryaputra Wijaksana
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Wednesday, November 26, 2025
Greater China Company Results | Alibaba Group (9988 HK/BUY/HK$157.80/Target: HK$206.00) Alibaba reported solid 2QFY26 results. Revenue grew 5% yoy to Rmb247.8b (15% like-for-like basis), in line with the street’s estimate. Non-GAAP net profit was Rmb10.4b, down 72% yoy, missing our forecast, due to its investment in Taobao Instant Commerce. In 3QFY26, management expects: a) significant narrowing of quick commerce losses, b) moderated CMR growth due to the high base last year, and c) continued st...
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key Battlefield For Instant Retail; Embedding AI Into ...
Data from the initial phase of the 11.11 campaign set a compelling prelude for a mid-single-digit GMV growth in 4Q25. The new phase of 11.11 is characterised by a longer cycle, simplified promotion mechanics, and deeper technological integration. Platform competition has shifted from “traffic wars” to “efficiency wars”, as AI enhances demand-supply matching and instant retail breaks offline barriers, reducing consumer decision costs. Maintain OVERWEIGHT. Our top picks are Alibaba and Kuaishou.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.