Yamato: Maintains "Buy" rating on KINGSOFT CLOUD (03896) and raises target price to HK$11.
Yamato is expected to have a fourth quarter revenue of 2.69 billion RMB, with a gross profit margin of 15.4% in the third quarter. Due to the delayed recognition of some revenue, the bank expects the company to achieve operating profit in 2026.
Daiwa released a research report stating that KINGSOFT CLOUD (03896) had a stable performance in the third quarter, achieving operating profit for the first time and turning its net profit from loss to profit. Daiwa maintains a "buy" rating for KINGSOFT CLOUD with a target price raised from 10.5 Hong Kong dollars to 11 Hong Kong dollars. Daiwa expects the fourth quarter revenue to reach 2.69 billion yuan, with a gross profit margin of 15.4% in the third quarter, benefiting from the delayed recognition of some revenue. The bank expects the company to achieve operating profit by 2026. The bank has raised its revenue expectations for 2026-2027 by 0.5-0.6% to reflect an increase in revenue contribution from artificial intelligence.
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