According to a report issued by Daiwa on February 24, the net income of BABA (9988.HK) in the third quarter of 2023 exceeded market expectations because the Non-GAAP (non-universal accounting standards) EBITDA profit margin of its Chinese retail business and global retail business was better than expected. As BABA is the main beneficiary of the consumption recovery, he believes that BABA will have more profit upward space than his peers. Maintain the target price of HK $152 and the "buy" rating. Daiwa said that despite concerns about increased price subsidies this year, EBITA profit margins in China's commercial operations are expected to expand year by year from the recovery in customer management income (CMR) as investment in Taobao and Tmall increases. It believes that the key catalysts in the near future are Ant Group's initial public offering, share buybacks, external financing and investment divestitures of its subsidiaries. The stock is now trading at HK $90.65, with a total market capitalization of HK $1.919993 trillion.