---
title: "UBS: Raises Alibaba Health target price to HKD 4.7, maintains \"Sell\" rating"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/268204336.md"
description: "UBS released a research report stating that it has changed Alibaba Health's relative valuation method from price-to-sales ratio to adjusted price-to-earnings ratio, raising its profit forecast for Alibaba Health for the fiscal years 2026 to 2028 by 17% to 21% to reflect stronger first-party platform sales growth. Based on a 23 times adjusted price-to-earnings ratio for the fiscal year 2027, the target price has been raised from HKD 3.8 to HKD 4.7, but the \"Sell\" rating is maintained. Since downgrading Alibaba Health's rating in May, the company's first-party platform sales (1P) growth has exceeded the bank's expectations, but it believes that this is more a structural change of drug supply shifting from offline to online, rather than a strategic shift by the company to focus on first-party platforms or first-party platform drug sales. It also believes that leading companies in the industry can benefit early from this structural trend. UBS also pointed out that the gap between Alibaba Health and its main competitor JD Health is widening, with the latter seemingly establishing a competitive advantage in user awareness and drug supply chain, and gaining an edge in omnichannel layout. It believes that Alibaba Health currently corresponds to adjusted price-to-earnings ratios of 32 times and 27 times for the next two years, which may not fully support its forecast of a compound annual growth rate of 13% and 19% for revenue and adjusted profit respectively for the fiscal years 2025 to 2028"
datetime: "2025-12-02T08:09:03.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/268204336.md)
  - [en](https://longbridge.com/en/news/268204336.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/268204336.md)
---

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# UBS: Raises Alibaba Health target price to HKD 4.7, maintains "Sell" rating

According to the Zhitong Finance APP, UBS has released a research report stating that it has changed Alibaba Health's (00241) relative valuation method from price-to-sales ratio to adjusted price-to-earnings ratio, raising its earnings forecast for Alibaba Health for the fiscal years 2026 to 2028 by 17% to 21% to reflect stronger first-party platform sales growth. Based on a 23 times adjusted price-to-earnings ratio for the fiscal year 2027, the target price has been raised from HKD 3.8 to HKD 4.7, but the "Sell" rating is maintained.

Since lowering Alibaba Health's rating in May, the company's first-party platform sales (1P) growth has exceeded the bank's expectations, but it believes that this is more of a structural change in drug supply shifting from offline to online, rather than a strategic shift by the company focusing on the first-party platform or first-party platform drug sales. It also believes that leading companies in the industry can benefit from this structural trend early on.

UBS also pointed out that the gap between Alibaba Health and its main competitor JD Health (06618) is widening, as the latter seems to have established a competitive advantage in user awareness and drug supply chain, seizing the initiative in an omnichannel layout. It believes that Alibaba Health is currently trading at an adjusted price-to-earnings ratio of 32 times and 27 times for the next two years, which may not adequately support its forecast of a compound annual growth rate of 13% and 19% for revenue and adjusted earnings, respectively, for the fiscal years 2025 to 2028

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- [ALI HEALTH (00241.HK)](https://longbridge.com/zh-HK/quote/00241.HK.md)

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