UBS Group issued a research report forecasting Alibaba's third-quarter revenue to increase by 6% year-on-year to 275 billion yuan, with adjusted EBITA remaining at 53.3 billion yuan. By Business segmentation, the firm expects the total merchandise volume (GMV) of Taobao Tmall Group to grow by 4% year-on-year, and revenue from the International Digital Business Group to increase by 30% year-on-year; cloud business revenue growth is expected to accelerate to 8% year-on-year, while EBITA losses from non-core businesses are projected to narrow from 5.8 billion yuan to 2.8 billion yuan; it is believed that the progress of Taobao Tmall still meets expectations, which should alleviate market concerns regarding its gross profit being dragged down by user reinvestment. In the short term, the Mainland government's expansion of the trade-in program is expected to support GMV growth. The firm believes that the company still has a lot of value that has not been released and maintains its "Buy" rating and Target Price of $140.