[Brokerage Focus] CICC cuts Kingsoft (03888) target price by 18% to HK$63, citing a decline in the software sector's valuation center.

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[Brokerage Focus] CICC cuts Kingsoft (03888) target price by 18% to HK$63, citing a decline in the software sector's valuation center.

凤凰网港股2021-08-04

Phoenix.com Hong Kong Stocks | A research report from China International Capital Development Corporation (CICC) indicates that the bank expects toKingsoft SoftwareRevenue rose 2.3% year-on-year to RMB 1.45 billion, and the operating profit margin is expected to be 16.8%, a decrease of 16 percentage points quarter-on-quarter, mainly due to increased R&D investment.

CICC maintains its revenue and profit forecasts for this year and next unchanged, and maintains its outperform rating on the stock. Considering the decline in the valuation center of the Hong Kong-listed software sector, CICC has adjusted the valuation method for its office business from the target market capitalization approach to the market capitalization approach, and lowered the target price for the stock by 18% to HK$63 based on the 2021 segment valuation approach.

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·2021-08-05
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Considering the decline in the valuation center of the Hong Kong-listed software sector, CICC has adjusted the valuation method for its office business from the target market capitalization approach to the market capitalization approach, and lowered the target price for the stock by 18% to HK$63 based on the 2021 segment valuation approach.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Brokerage Focus] CICC cuts Kingsoft (03888) target price by 18% to HK$63, citing a decline in the software sector's valuation center.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Brokerage Focus] CICC cuts Kingsoft (03888) target price by 18% to HK$63, citing a decline in the software sector's valuation center.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039806269\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/b6fb647077f1ce46dc341fc35c26e817);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">凤凰网港股 </p>\n<p class=\"h-time smaller\">2021-08-04 14:50</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body>Phoenix.com Hong Kong Stocks | A research report from China International Capital Development Corporation (CICC) indicates that the bank expects to<a href=\"https://laohu8.com/S/03888\">Kingsoft Software</a>Revenue rose 2.3% year-on-year to RMB 1.45 billion, and the operating profit margin is expected to be 16.8%, a decrease of 16 percentage points quarter-on-quarter, mainly due to increased R&D investment.</p><p>CICC maintains its revenue and profit forecasts for this year and next unchanged, and maintains its outperform rating on the stock. Considering the decline in the valuation center of the Hong Kong-listed software sector, CICC has adjusted the valuation method for its office business from the target market capitalization approach to the market capitalization approach, and lowered the target price for the stock by 18% to HK$63 based on the 2021 segment valuation approach.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/753c9aba3202037bc97463c545d5d015","relate_stocks":{"KC":"金山云","KSFTF":"金山软件","03888":"金山软件"},"source_url":"http://hknews.szfuit.com/newRssInfo/feed?original_id=2efdd9b1040d20bb8031483ddb4169fb","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2156174905","content_text":"凤凰网港股|中金发研报指，该行预计今年次季金山软件收入同比升2.3%至14.5亿元，预计运营利润率16.8%，环比下滑16个百分点，主要由于研发投入加大。中金维持公司今明两年收入和盈利预测不变，维持该股跑赢行业评级。考虑到港股软件板块估值中枢下行，中金将办公业务估值方法由目标市值法调整为市值法，基于2021年分部估值法，下调该股目标价18%至63港元。","news_type":1,"symbols_score_info":{"KC":1,"03888":1,"KSFTF":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}