
Alibaba (BABA) valuation is raised to $144–$165/share, reflecting narrowing Quick Commerce (QC) losses and accelerating AI/cloud momentum. BABA's QC segment is approaching breakeven, with losses expected to shrink from RMB 16bn to RMB 10bn sequentially, supporting margin recovery. We see BABA's forward P/E multiple as a valuation floor, with potential for re-rating as QC profitability and high-margin cloud growth materialize.










