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| HSCEI1 | 8,080.54 | +23.69 | 83.92B |
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2025-04-25 10:31:38 HSBC Global Research’s report forecast stable game revenue for KINGSOFT (03888.HK) in 2025, with its 1H25 new game pipeline likely presenting upside opportunities. Kingsoft plans to launch three new games in 1H25. While game revenue is expected to remain resilient, it faces a high base. The broker projected a 14% YoY rise in total game revenue for 2025. The broker noted that WPS 365, offering a comprehensive solution with office software, collaboration tools, and AI, is attracting growing interest from institutional clients, particularly state-owned enterprises and government entities. However, WPS’s to-C business may see slower growth due to a weak macro environment and decelerating AI monetization, though new AI features are assumed to lure more users. Kingsoft will continue investing in AI integration for its office and gaming products, which HSBC believes will enhance long-term monetization potential. The report highlighted that Kingsoft’s associate, KINGSOFT CLOUD (03896.HK)(KC.US), aims to turn its non-GAAP operating profit from a RMB431 million loss in 2024 to a profit in 2025, potentially narrowing Kingsoft’s losses from associates. The broker raised KINGSOFT’s target price from HKD40 to HKD42.7 but downgraded its rating from Buy to Hold, citing normalized growth in 2025 and reduced attractiveness after the stock’s rebound YTD. ~ AAStocks Financial News Web Site: www.aastocks.com | |