UBS Group released a report stating that Alibaba Group Holding Limited-SW(09988.HK)(BABA.US) has announced earlier that as of the end of June, it has spent $5.8 billion to repurchase American depositary shares equivalent to 77 million shares. There is still $26.1 billion in repurchase plan, which is valid until March 2027.

The bank believed that Alibaba's accelerated buyback pace still exceeds expectations. The $5 billion convertible notes issued by Alibaba in May should indicate the management's steady execution of shareholder return commitments, which may alleviate investor concerns. Looking ahead, although Alibaba is undergoing business transformation, its capital actions such as continuing to accelerate buybacks and possible inclusion in the Southbound link could provide downward support for the stock price. The current valuation is equivalent to a predicted 2025 P/E ratio of 9 times, which is not high. Give a target price of $105 for US stocks, and rate it as a "buy".