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<Research>CICC Raises Kingsoft Cloud (KC.US) TP to US$6.5; Biz Structure Refines
Recommend 22 Positive 33 Negative 15 |
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Kingsoft Cloud (KC.US) delivered a 16% YoY growth in 3Q24 revenue to RMB1.89 billion, in line with street consensus, CICC said in its report. The adjusted EBITDA was RMB185 million, beating consensus impressively, thanks to effective cost control. In addition, the company disclosed the framework agreement for connected transactions with Kingsoft and XIAOMI-W (01810.HK). Pursuant to the announcement, the revenue cap from Kingsoft and Xiaomi is estimated to be approximately RMB11.3 billion in total for the period from 2025 to 2027. The broker maintained Outperform rating on Kingsoft Cloud, and raised its target price for US shares by 8% to US$6.5, taking into account the company's optimized business structure, more optimistic growth and profit outlook. AAStocks Financial News |
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