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<Research>CCBI Lifts KINGSOFT (03888.HK) TP to $34.1 on Solid 3Q Results
Recommend 2 Positive 6 Negative 1 |
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KINGSOFT (03888.HK) delivered solid performance in 3Q24, with revenue up 42% YoY, 13% ahead of the market consensus, CCBI issued a research report saying. Of which, game revenue grew 78% YoY, while office software revenue was steady, with 10% YoY growth, supported by the revival of individual subscriptions and institutional licensing in China. Net profit for the period also beat market consensus by 14%. Considering the improved outlook for the game industry and the recovery in office software for both corporate and government organizations, CCBI kept rating at Outperform on KINGSOFT, and raised its 2024-2026 revenue/ earnings forecasts by 5-9%/ 2-9%. The broker also lifted its target price from $29.8 to $34.1. AAStocks Financial News |
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