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绝对回报 (%) (3.57) (5.62) (12.50) 10.53 36.46 109.07 0 87.13
绝对回报 (美元, %) (3.57) (5.62) (12.50) 10.53 N.A. 111.51 N.A. 88.13
相对于 HSI 回报 (%) (1.75) (1.39) (3.73) 16.46 N.A. 120.37 7.41 104.44
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.

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