ALIBABA : Core E-comm dragged on overall profitability

研报英文原文证据摘录

ALIBABA : Core E-comm dragged on overall profitability

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INTERNET & MEDIA

ALIBABA OUTPERFORMPRICE* HKD133.3  TARGET PRICE HKD204 (UPSIDE 53%)

ALIBABA ADR OUTPERFORMPRICE* USD134.8  TARGET PRICE USD209 (UPSIDE 55%)

FLASH NOTE

Core E-comm dragged on overall profitability

13 MAY 2026 Securities Research Report Production time: 12:03* (London time)

Research Analyst & Publishing Entities

Colin LIU BNP Paribas Securities (Asia) Limited +852 2825 1083 colin.liu@asia.bnpparibas.com

What’s happened?

Alibaba reported its 4QFY26 results on May 13 and surprised on the downside with revenue 1%/2% below Bloomberg

consensus/BNPP estimates. Consolidated adjusted EBITA came in at only RMB5.1b, 50%/61% below

consensus/BNPP estimates. The larger-than-expected China Comm segment adjusted EBITA loss, which should be

attributed to the continued expansion of quick commerce (QC) business is the major reason behind the miss.

BNPP View:

We view the print negative to Alibaba’s share price but believe investors will be mostly focused on guidance, particularly

its QC and E-comm outlook and AI development and monetisation plans.

Overall results. Total revenue was RMB243b, +3% y-y or 11% y-y excluding the impact of business disposals (Sun

Art and Intime). Operating loss was RMB848m compared with cRMB28b in the same quarter last year due to lower

adjusted EBITA. Attributable GAAP income was RMB25.5b, +96% y-y mostly due to investment gains but non-GAAP

net income was only RMB86m reflecting the increased investments in QC. Alibaba declared an annual dividend of

USD1.05 per ADS.

Cloud is still the most positive highlight. Despite total cloud revenue missing our forecast 2%, cloud revenue from