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03888 KINGSOFT
RTNominal up24.100 +0.700 (+2.991%)
Research Report

05/08/2020 17:20

{I-bank focus}BOCOM lifts Kingsoft Corp (03888) to HK$40.46

[ET Net News Agency, 5 August 2020] BOCOM International Research lifted its target
price for Kingsoft Corporation (03888) to HK$40.46 from HK$26 and maintained its "neutral"
rating.
The research house expects game revenue to be stable QoQ in 2Q. The launch of a new
mobile game for JX II is expected to increase gross billing in 3Q. For WPS, BOCOM expects
steady business growth, with revenue to increase 31%, driven by the recovery of corporate
and government business and VAS from the personal version.
BOCOM is cautious about the company's game business growth. It said the recent jump in
Kingsoft's stock price is mainly due to cloud industry re-rating, which has driven up the
valuation of Kingsoft Cloud. (KL)

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