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<Research>BOCOMI Lifts KINGSOFT (03888.HK) TP to $33 as Game Biz Boosts Results Beyond Forecasts
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KINGSOFT (03888.HK)'s 3Q24 results beat expectations, BOCOMI released a research report saying. Total revenue increased by 42% YoY to RMB2.92 billion, mainly due to higher-than-expected growth in game revenue. Adjusted operating profit grew 168% YoY and 37% QoQ to RMB1.2 billion. The broker switched the valuation to 2025, based on the game business profit expansion and Kingsoft Cloud's higher valuation, and lifted its target price from $30 to $33, with rating kept at Buy. AAStocks Financial News |
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