The market currently prices $BABA as a dying brick-and-mortar retailer. Consensus sees "weak China macro." We see an AI infrastructure monopoly trading at ~9x P/E (ex-cash).
In this 20-page report, we deconstruct why the street is fatally ignoring the shift in Unit Economics. While retail fears regulation, Alibaba has quietly flipped its Quick Commerce division to profitability while Cloud accelerates at +34% YoY.
Inside the document:
Bridge Chart: How logistics density cut loss-per-order by 50%.
Valuation: Why our Base Case target is $210 (+33% upside).
The Moat: Data showing 35.8% Cloud market share (larger than #2, #3, and #4 combined).
