Alibaba Group Asia Communacopia Technology Key Takeaways

Goldman Sachs reiterates its Buy rating on Alibaba, highlighting that AI-driven cloud growth and the scaling of the Bailian MaaS platform are key catalysts for an expected 32%-54% EPS recovery in FY27-FY28.

Key Takeaways

• 1.Alibaba Cloud aims for $100bn in external revenue in five years, driven by AI-related product revenue which is expected to grow from 30% to 50% of external cloud revenue within a year.
• 2.Management expects margin expansion through the adoption of in-house T-Head chips for AI inferencing and higher demand for CPU-based cloud services driven by AI agents.
• 3.Domestic AI demand is expanding from internet/EV industries to traditional manufacturing, while international growth is supported by partnerships in Southeast Asia like GoTo.

Table of Contents

• Asia Communacopia + Technology
• Quick Commerce turnaround pace and synergies with Taobao-Tmall
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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