Kingsoft 3888

Kingsoft 3888

Postby winston » Mon Apr 06, 2009 3:21 pm

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DJ MARKET TALK: Nomura Ups Kingsoft Target To HK$4 From HK$3.55

1358 [Dow Jones] STOCK CALL: Nomura raises Kingsoft's (3888.HK) target to HK$4.00 from HK$3.55 on a higher peer group comparison. Keeps Buy. Says Kingsoft's 4Q results were 5% ahead of Nomura estimates, driven by gaming.

"Despite the down macro outlook, we continue to like the sector as gaming companies run counter-cyclical. We forecast an EPS CAGR of 40% over FY08-10." Adds, the Internet run in China still has room to move, with growth momentum expected to accelerate on the heels of strong user base expansion and increased utilization.

Among all sub-sectors, sees online gaming as major potential beneficiary in current stage of industry lifecycle. Stock +8.2% at HK$3.56; HSI up 0.5%.


Source: Dow Jones Newswire
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Re: Kingsoft 3888

Postby winston » Mon Apr 06, 2009 3:35 pm

DJ MARKET TALK: Kingsoft Down 1.2%; But Solid Growth Ahead - CPY

Apr2 1531 [Dow Jones] Kingsoft (3888.HK) down 1.2% at HK$3.18, extending 0.3% fall Wednesday post-results, as strong FY08 earnings (net profit +87% on-year) likely priced in after stock's 22.9% gain vs end-February level, vs HSI's 5.5% rise during same period.

Core Pacific-Yamaichi tips FY09, FY10 net profit to rise by 27.2%, 22.7%, respectively, assuming solid growth in recurring applications software revenue and rises in overseas sales of core products.

Adds, DCF model suggests stock is worth more than HK$6.00, but keeps target unchanged at HK$4.80 due to prevailing poor market conditions. Keeps at Buy. Early low of HK$3.08 as good support for stock
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Re: Kingsoft 3888

Postby winston » Sun Jun 08, 2014 8:06 pm

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KINGSOFT (03888.HK) target reduced to $26, rated LT Buy - BOCOM
2014-06-04

BOCOM International invited KINGSOFT (03888.HK) -0.350 (1.518%) Short selling $16.52M; Ratio 9.388% 's CFO Yuk Keung Ng for an investor conference and learned that the company is going to step up efforts in investment in 2014.

As 80% of the R&D expenses and marketing expenses have been placed on the mobile end which has not yielded profits, the bank expected the operating margin will decrease by 14 ppt from that in 2013 to 15%.

Given the slowdown of growth in game business, the bank lowered the game business valuation in 2015 and reduced the target price to $26, which represents 2014 P/E of 42x and 2015 P/E of 23x.

As the bank is positive about its mobile end's profitability and WPS's long-term growth potential in enterprises and mobile end, the LT Buy rating was maintained.

Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Sun Jun 08, 2014 8:07 pm

Summary of brokers' ratings, target prices for KINGSOFT
2014-05-29

Summary of brokers' latest ratings and target prices for KINGSOFT (03888.HK) -0.350 (1.518%) Short selling $16.52M; Ratio 9.388% , which has released the first-quarter results:

Broker / Investment Rating / Target Price (HK$)
BOCOM / Long-term Buy / 32.2
CCB International / Outperform->Neutral / 36->26
CICC / Buy->Hold / 37->24
OSK / Buy->Neutral / 37.53->23.74


Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Sun Jun 08, 2014 8:11 pm

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KINGSOFT (03888.HK) heavily falls after 1Q results
2014-05-29

Following two days of decline, KINGSOFT (03888.HK) -0.350 (1.518%) Short selling $16.52M; Ratio 9.388% continued lower today below the 10MA and 20MA, and it was last $23.05, down 11%, on volume of 72.4 million shares.

The Company had announced yesterday that for the first quarter as of the end of March, the turnover rose 1.03% quarterly, or rose 47.88% yearly, to RMB676 million.

The net profit rose 48.07% quarterly, or rose 25.69% yearly, to RMB246 million, representing EPS of 21 fen. CICC, in the latest research report, downgraded KINGSOFT from Buy to Hold, with target price reduced from $37 to $24, mainly because the IPO valuation of Cheetah Mobile, held about 48% by Kingsoft, is lower than expectation, coupled with slow growth, and potential drop in profit margin.

Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Sun Jun 08, 2014 8:15 pm

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KINGSOFT downgraded to Hold, target slashed to $24 - CICC
2014-05-29

In the latest research report, CICC downgraded KINGSOFT (03888.HK) -0.350 (1.518%) Short selling $16.52M; Ratio 9.388% from Buy to Hold, with target price reduced from $37 to $24, mainly because the IPO valuation of Cheetah Mobile, held about 48% by Kingsoft, is lower than expectation, coupled with slow growth, and potential drop in profit margin.

The first-quarter SG and A rose sharply because of the efforts of Cheetah Mobile to boost the user base of the mobile apps.

CICC expects the Group will continue increasing the expense, reducing the operating margin from 35% to approximately 20%.

The 2014/15 revenue forecast is cut by 4.1%/11.2% to RMB3.2 billion/RMB4.4 billion, and the 2014/15 EPS forecast is lowered by 13.4%/23.4% to HK$0.86/HK$1.06.

Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Sun Jun 08, 2014 8:17 pm

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KINGSOFT (03888.HK): To work with Xiaomi to tap game cloud service platform
2014-05-28

KINGSOFT (03888.HK) -0.350 (1.518%) Short selling $16.52M; Ratio 9.388% ‘s chairman Lei Jun said the company is providing cloud storage service to thousands of clients and the daily storage growth was near 200T as at the end of the first quarter.

The company also forged a one-stop game cloud services platform, and it will work with Xiaomi Tech to develop server deployment, games operation and games marketing business for mobile game providers.

Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Mon Jun 09, 2014 1:20 pm

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KINGSOFT CORP LTD – Concern on the sustainability of high growth in Internet business
May 14, 2014

Rating: Neutral
Closing price: 22.00
Target price: 21.42

The revenue rose by 54% yoy to RMB 2.173 billion (as below) for FY13, which revenues from online games increased by 28.7% to $1.096 billion and from application software surged 94% yoy to $1.056 billion.

Gross profit increased by 53.3% to $1.876 billion, the gross profit margin was about the same of 86% as before.

Operating profit was $682 million, an increase of 65% while profit attributable to shareholders was $671 million, an increase of 55%.

Final dividend was HK$ 0.12. Kingsoft’s performance for last year was excellent, especially in the Internet services and software, both achieved significant increase in sales.

Compared to the previous financial year, the product mix for FY13 has changed significantly.

In FY12, revenue from online game was a major source of revenue for the company, accounted for 60%of the total revenue; followed by the software business, 20% of total revenue; Internet services, including Internet security software, online platform and mobile applications, consist of only 18% of the total revenue.

However in FY13, revenue from online game was $1.096 billion, accounted for 50% of total revenue; software revenue as $370 million, 17% of the total while revenue from Internet service surged to $686 million, as of 32% of total revenue.

It is expected in the next few years, the revenue from Internet service will continue to rise. The proportion will increase to 45% to total revenue in FY14, which will become the largest source of income. In FY16, there will be a further rise to 53%.

Kingsoft spin-off its former Kingsoft Internet Software (KIS) Holdings Ltd, renamed to Cheetah Mobile Inc. (CMI). According to company reports, CMI shall not engage in games and software research and development, or operation of its self developed games.

CMI will mainly engage in information security software, web browser. Its main mission is to develop and operate mobile games and applications, and provides online advertising services and Internet value-added services.

After the spin-off of CMI, Kingsoft’s voting power on CMI remains unchanged, but the stake will decrease 7.1% to 47%. Therefore, the profit attributable to non-controlling interests will increase, resulting to profit attributable to Kingsoft’s to reduce accordingly.

In addition, Kingsoft has also announced its subscription of 31.94 million of Xunlei Series E preferred shares, representing 9.98% of the total shares that had been issued. These preferred shares were convertible at any time to Xunlei Series ordinary shares. The subscription was to strengthen Kingsoft’s Internet services penetration rate.

We believe that the market valuation of over 40x P/E of Kingsoft at the beginning of this year is indeed too high. Despite of supportive government policy for its software business and the high growth in Internet business, the revenue growth of Internet service in FY13, in partly due to a substantial increase in online sales for the Single Festival last year.

Besides, the market estimate on Kingsoft’s mobile Internet revenue was just over-optimistic. Given the recent market volatility, the out-performing stock last year dropped significantly recently, and investors begin to pay attention to the high valuation of IT stocks.

After re-examine the valuation, we estimate the 6-12 months target price for Kingsoft to be HK $ 21.42, which is 24 times of FY14 forecasted earnings and give rating as "neutral". This is calculated by the valuation HK $ 17.63 for operation and HK $ 3.79 for cash.

Source: Phillips
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Re: Kingsoft 3888

Postby winston » Mon Jul 07, 2014 3:54 pm

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<Research Report>KINGSOFT (03888.HK) initiated Neutral, target at $25 - JPM

According to the latest research report by JP Morgan, KINGSOFT (03888.HK) was initiated Neutral, and target price was set at $25.

The bank projected EPS of KINGSOFT will be RMB0.57 (down 5.7% yearly) and RMB0.84 (up 48.5% yearly) in 2014 and 2015.

Although 94% of profit recorded in 2013 was contributed by the online game operation, share price of KINGSOFT had already integrated the business transformation to a freemium-based Internet model.

As Cheetah Mobile, the major growth momentum of KINGSOFT in last 6 months, had been spin off, share price of the group will lack catalyst in the next four quarters.

JP Morgan anticipated office software and cloud services, will become the major driving force of KINGSOFT in next 1-2 years.


Source: AAStocks Financial News
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Re: Kingsoft 3888

Postby winston » Wed Aug 20, 2014 9:42 am

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<Result Ann>KINGSOFT (03888.HK) 1H profit up 6.8% yoy

KINGSOFT (03888.HK) announced that for the first half year as of the end of June, the net profit rose 6.8% yearly to RMB364 million, representing EPS of RMB0.31.

No interim dividend was declared.

During the period, the revenue rose 49.6% yearly to RMB1.426 billion; gross profit rose 45.7% yearly to RMB1.203 billion; gross profit margin fell 3 ppt yearly to 84%. ~


Source: AAStocks Financial News
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