Bank of America Securities Reaffirms "Neutral" Rating on Kingsoft Corporation Limited (03888.HK) with Target Price Cut to HK$24

According to the Zhixin Financial APP, Bank of America Securities released a research report stating that Kingsoft Corporation (03888.HK) saw a 3% year-on-year increase in revenue in the first quarter, in line with the bank's expectations. However, the profit margin of the gaming business narrowed, dragging down the operating profit margin by 9.4 percentage points to 16.4%. The company's target price was lowered from HK$27 to HK$24, and a "neutral" rating was reiterated.