Guosen Securities (HK)  
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搜寻结果 (总数 10)
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金山软件 (3888 HK) 估值或已触底 - 9月 18, 2018 (7 页)  

Kingsoft 3888HK Healthy 2018 Outlook - 4月 13, 2018 (7 页)  
On 21 Mar, Kingsoft Corp (Kingsoft) announced FY17 net profit at RMB3.2bn, while core profit of RMB1,036m (+48% yoy) exceeded our estimate by 9%. Post analyst briefing, we are upbeat on 2018 outlook and tweak FY18F-19F core earnings growth to 35%/41% yoy (from 32%/40%) on (1) New self-developed titles to be released by 2H18 and (2) Cloud business and office software continuing to shine with wider margin. Keep BUY with higher SOTP-TP of HKD34.00 on cloud business higher valuation (+36.0% Upside).

Kingsoft (3888 HK) Positive profit alert as expected - 1月 31, 2018 (7 页)  
After the market closed on 24 Jan 2017, Kingsoft Corp (Kingsoft) issued a positive profit alert. This is because of the company to book an one-time gain of about RMB2.0bn for the year ended 31 December 2017, as a result of the disposal of Cheetah Mobile’s (CMCM US, NR) (CM) voting right

Kingsoft 3888HK Growth engine switching gear - 12月 4, 2017 (6 页)  
After market close on Nov 21, Kingsoft reported its 3Q17 profit attributable to owner at RMB238m, jumped +68%yoy. Post analysts’ conference call, we see its (1) 2017 reported profit to be boosted by RMB2bn disposal gain from Cheetah voting right; and (2) 2018 sales to achieve stable growth on stream of game pipelines. Keep BUY with higher SOTP-derived TP at HKD26.50 on higher target multiples.

Kingsoft Corp (3888 HK) Multiple Engines in Growth Mode - 10月 24, 2017 (6 页)  
This report marks the transfer of coverage to Raymond Lam. Kingsoft’s 1H17 net profit already turned around to RMB544m from 1H16 net loss on robust online game and office software sales. Fuelled by fast-paced mobile games pipeline, we project the company’s EPS CAGR to grow at 30% (FY16-19F). Our SOTP-TP at HKD24.5 (22% upside) reflects 23.8x FY18F P/E, +0.5SD above past 5-year forward P/E mean, below mobile internet peer’s median at 29.0x.

GUOSEN “Shenzhen-Hong Kong Connect” Corporate Access Day - 12月 1, 2016 (19 页)  
First of all, many thanks to our investors and clients for their greatest support. Without which, the whole event cannot be made successful. It was hosted in Conrad Hotel, Admiralty on 25 Nov 2016, attracted over 100 investors with 14 corporate participated in total. Eight of which are now provided with their key takeaway from our meetings in this report. Amongst these eight companies, which are all HK-listed, seven of them are either already or to be in the Southbound of Shenzhen-HK Stock Connect.

金山软件 (3888 HK) 手游增速远超预期 - 11月 23, 2016 (7 页)  

金山软件 (3888 HK) 增长引擎发力 - 8月 22, 2016 (8 页)  
金山软件公布16 第2 季按非公认会计原则计算(非GAAP)的净利润为 1.75 亿人民币(扣除一次性减值及以股基薪酬),较我们预期高15%, 主要受网络游戏及金山云业务的强劲增长所推动。基于营收增长加速及运 营开支占销售比率下降,我们上调16-18 财年非GAAP 净利润预测0-5%。 我们根据同业17 财年估值均值,将按分部总和计算的目标价由20 港元 上调至22 港元,相当于17 财年27 倍市盈率。重申买入评级。

金山软件 (3888 HK) 首予买入:双引擎增长模式 - 6月 8, 2016 (29 页)  
我们看好金山软件的增长潜力,原因包括:一、预期《剑侠》IP 手 机游戏的推出将拉动游戏收益增长;二、金山云的收益增长将于 16-18 财年维持强劲;三、猎豹的庞大用户群将可继续为其手机广 告业务提供长远的盈利和增长机会。我们预期于15-18 财年,金山 的收益/按非公认会计原则计算的净利润将分别按年复合增长 33%/28%。首予买入评级,目标价20 港元(25%上升空间),相 当于16 财年预测市盈率24.6 倍。

012516_中国互联网 金山拟分拆魔秀 - 1月 26, 2016 (2 页)  
市场快讯 本月22 日,金山软件(3888 HK,未评级)公告宣布其已申请分拆旗下非 全资子公司魔秀科技挂牌全国中小企业股份转让系统(新三板)。魔秀主 要开发安卓手机主题桌面,并通过在线营销服务变现其流量。