In a newly issued research report, UBS has revised its adjusted earnings per share (EPS) projections for Alibaba-W (09988) downward by 8% to 21% for the fiscal years spanning from 2026 to 2028. Correspondingly, the target price has been slashed from HK$185 to HK$166, yet the 'Buy' rating remains intact. The report forecasts that Alibaba's revenue for the fourth quarter of fiscal year 2026 will see no significant change on a year-on-year basis, hovering around RMB 237 billion. Meanwhile, the EBITA generated from its Chinese e-commerce operations is expected to reach approximately RMB 26 billion. Despite the pressure on customer management revenue (CMR) growth, its influence on EBITA is deemed negligible. The cloud business revenue is anticipated to surge by 40% year-on-year, whereas the international commercial revenue is projected to experience a 5% year-on-year uptick, accompanied by a reduction in losses. EBITA losses from other business segments are predicted to escalate to RMB 20 billion, with the quarterly adjusted EBITA estimated at RMB 5.9 billion, marking an 82% decline year-on-year.