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 ...