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<Research>Daiwa Keeps Buy on BABA-W, Expects 3QFY26 EBITA Loss to Sharply Narrow
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Daiwa published a research report estimating BABA-W's (09988.HK) 3QFY26 EBITA loss to reach RMB35 billion, though it saw this as the peak and forecasted reduced marketing costs, supply-side expansion, and optimized distribution costs to trim the EBITA loss to RMB17 billion within a few months.

The broker cut its FY26-28 EPS forecasts for BABA-W by 2-15%. BABA-W's rating was reiterated as Buy, with a target price of HKD205.

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