not vested
Kingsoft Corp (3888 HK)
1Q21: WPS to Drive Growth Amid Sluggish Online Game Performance
Kingsoft reported a solid set of results for 1Q21.
Revenue increased 33.1% yoy to Rmb1.6b, 4.4% above consensus estimates.
Gross margin expanded 1ppt yoy to 84.4%, better than our estimate.
Kingsoft delivered net profit of Rmb117m vs Rmb6m in 1Q20 (as it recognised a Rmb480.9m loss from Kingsoft Cloud’s discontinued operations).
We remain positive on the company, especially on the continued cloud+office collaboration that will drive WPS growth.
Maintain BUY with a lower target price of HK$74.00.
Source: UOBKH
https://research.uobkayhian.com/content ... 036415830b