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RTNominal up25.050 +0.700 (+2.875%)

15/11/2019 14:17

{I-bank focus}Jefferies raises Kingsoft (03888) to HK$22.2

[ET Net News Agency, 15 November 2019] Jefferies Research raised its target price for
Kingsoft Corporation (03888) to HK$22.2 from HK$18 and maintained its "buy" rating.
The research house said both of Kingsoft's revenue and non-GAAP earnings in 3Q were
ahead of Jefferies' estimates on better online games and WPS. Looking into 2020, Jefferies
expects WPS and cloud to maintain solid momentum.
WPS is due to be listed on the Sci-Tech Board soon and Jefferies estimated its valuation
at about RMB21bn. Kingsoft announced a proposed spin-off of its cloud business on 14
November, which can further unlock the value of Kingsoft as cloud is still a loss-making
business. (KL)

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