[ET Net News Agency, 23 August 2018] Nomura lowered its target price for Kingsoft
Corporation (03888) to HK$17.5 from HK$21, and maintained its "neutral" rating.
The research house said Kingsoft's GAAP operating profit plunged 95% due to a big margin
squeeze as a result of weak online gaming revenue (down 28%). The company guided further
deterioration in margins for 2H on still weak online gaming results.
Kingsoft hinted that the latest release time for JX Mobile III would be 1Q 2019. Given
this highly anticipated title has had several rounds of surprise delays year-to-date,
Nomura is not fully convinced for now if this title will be able to be released as desired
by management.
Nomura revised its FY2018/19 revenue/EPS forecasts by -1%/-76% and +4%/-30% on lower
margin estimates. It said the stock trades at 17x FY2019 P/E. (KL)
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03888 KINGSOFT
Nominal 
25.200 -0.550 (-2.136%) Others
23/08/2018 10:34
[I-bank focus]Nomura lowers Kingsoft Corp (03888) to HK$17.5
| Remark: | Real time quote last updated: 25/04/2024 15:31 |
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