October 8, 2026 07:33 AM GMT Alibaba Group Holding | Asia Pacific 2QF27 Preview: Accelerating Cloud + Resilient E-comm = Earnings Upgrade External cloud rev est. +55% YoY, with further acceleration in the coming quarters, while margins improve to 13.5% (15% in Dec Q). E-comm remains resilient with CMR -5% YoY (+1% LFL), EBITA (ex-QC) +LSD %, and QoQ QC loss reduction. We raise F27-28 EBITA 7-10%. Reiterate OW (Top Pick). Key Takeaways External cloud rev growth to accelerate to 55% YoY: We expect cloud reven ...

8 October 2026 Alibaba Group (BABA US) Buy: Shifting cloud into a higher gear Enhanced confidence in earnings: We lift BABA FY27-29e earnings by 3~6% due to stronger cloud growth and margin, and more resilient ecommerce profit also plays a role. However, we trim FY27e top line by 2% to reflect EU tariffs pressure on Cainiao and international e-commerce growth. Higher cloud estimates kick in to drive a modest uptick in FY28/29e revenue. For cloud, robust order pipeline boots our confidence driving better vis ...