Morgan Stanley: Raises revenue forecast for Kingsoft (03888) and maintains target price of HKD 38.

Morgan Stanley released a research report stating that, considering KINGSOFT's third-quarter performance, revenue forecasts for 2025 to 2027 have been revised up by 1.5%, 2.1%, and 2.7% respectively. Meanwhile, normalized earnings per share forecasts for the same period have been adjusted up by 0.4%, down by 4.9%, and down by 3.2%, primarily due to the increase in revenue forecast being offset by the increase in operating expenses. The target price of 38 Hong Kong dollars and the rating of "in line with the market" are maintained.