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<Research>CLSA Hikes Kingsoft Cloud (KC.US) TP to US$5.5; Stronger Co-op with Xiaomi, Kingsoft in AI Era
Recommend 10 Positive 18 Negative 9 |
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Kingsoft Cloud (KC.US)’s 3Q24 results were broadly in line, with total revenues up 16% YoY, given strong performance of the public cloud and a rebound in the enterprise cloud, while adjusted EBITDA margin further climbed to 9.8%, CLSA’s report said. The Company's renewed framework agreements with Xiaomi and Kingsoft resulted in a closer partnership, with a higher limit for transaction revenue and financing under limelight. CLSA was also concerned about the revenue upside from Xiaomi's automated driving. The broker raised its FY2024 and FY2025 revenue forecasts on Kingsoft Cloud by 1% and 6% respectively, and its adjusted net profit forecasts by RMB64 million and RMB100 million to reflect the strong growth of its AI business. In light of the change in forecast, the broker lifted its target price on Kingsoft Cloud from US$3 to US$5.5 and maintained an Outperform rating. AAStocks Financial News |
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