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RTNominal up52.250 +1.550 (+3.057%)

21/01/2021 12:36

{I-bank focus}Morgan raises Kingsoft (03888) to HK$71

[ET Net News Agency, 21 January 2021] Morgan Stanley raised its target price for
Kingsoft Corporation (03888) to HK$71 from HK$56 and maintained its "overweight" rating.
The research house cut its revenue forecast by 10-14% for 2020-22 to reflect its lower
revenue forecasts for WPS and the likely delay of the game pipeline. Morgan expects higher
R&D expenses as % of revenue but better selling leverage for the game business.
Its non-GAAP net profit estimates dropped by 3-18% for 2020-22.
Morgan now used the current market value of Kingsoft Cloud of US$9.3bn and Kingsoft's
45% stake to value Kingsoft. This is equivalent to HK$15 value per share. (KL)

Remark: Real time quote last updated: 05/03/2021 17:59
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