CICC Research lowered its target price for Chinasoft International (00354) by 13% to HK$3.9 and maintained its "neutral" rating.
The research house said Chinasoft will continue its R&D investment into its cloud business and fund management strategy. CICC thus expects its net margin to drop 0.6ppt to 5.6% in 2H and net profit attributable to shareholders to remain flat.
CICC slightly raised its FY2019 and FY2020 revenue forecasts to Rmb12.2bn and Rmb13.4bn on the steady growth of the traditional business. It lowered its net profit attributable forecasts by 13% and 8% to Rmb731mn and Rmb855mn considering input for cloud business.
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