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中信证券5月21日发布公告。we assign 10x FY2024E PE to the China Commerce business. Based on our valuation of 6x-7x 2023E PS for AWS and incorporating its differences with Alibaba Cloud in growth and EBITA margin, we assign 2x FY2024E PS to Alibaba’s cloud computing business. Given that Alibaba’s other business segments are not listed yet, we only take the investment value and cash valuation of Ant Group into consideration under neutral assumptions without considering the valuation of other businesses, we arrive at a FY2024E target price of US$146/HK$142 for its ADRs/H-shares and reiterate the “BUY” rating on both categories.