Goldman Sachs maintained a Neutral rating for ALI HEALTH due to mixed results in its 2HFY26, with revenue growth primarily driven by pharmaceuticals. However, increased competition is expected to slow growth compared to JD HEALTH. The firm also lowered its revenue and adjusted net profit forecasts for FY2027-28 due to weaker growth in its third-party platform business and other factors, while reducing the 12-month target price from HKD4.8 to HKD4.2.
