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03888 KINGSOFT
RTNominal up26.150 +0.850 (+3.360%)
Others

05/11/2019 17:06

{I-bank focus}Goldman raises Kingsoft (03888) to HK$21.5

[ET Net News Agency, 5 November 2019] Goldman Sachs raised its target price for
Kingsoft Corporation (03888) to HK$21.5 from HK$18.8 and maintained its "buy" rating.
The research house expects that Kingsoft's Cloud Services revenue could see 64%/75%
growth for 3Q 2019/2019 with Alibaba Cloud rationalizing video vertical products since 2Q.
Office Software revenue is expected to grow 50%/38% for 3Q 2019/2019, thanks to strong
growth in subscription, driven by an increase in the number of subscribers, and an
increase in the length/frequency of subscriptions. Online Games revenue is likely to be
flattish QoQ in 3Q and -11% YoY for 2019, reflecting the weak contribution from JX3 and
the life cycle of legacy titles.
Goldman expects total revenue of Rmb1.9bn/7.7bn for 3Q/2019, driven by strong cloud
services and partly offset by weakness in online games. It estimated reported operating
loss of Rmb-193mn/-596mn for 3Q/2019, driven by fast-growing but currently loss-making
cloud services, leading to diluted EPS of Rmb-0.14/-1.32. (KL)

Remark: Real time quote last updated: 17/01/2020 17:59
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