qualifiersasiaworldcup2022| Big Bank Rating| BOCOM International: Elevates Kingsoft Software's target price to HK$30 and upgrades its rating to "Buy"

Bank of Communications International issued a report statingqualifiersasiaworldcup2022, Kingsoft Software shrank game launch in the first quarterqualifiersasiaworldcup2022, revenue fell short of expectations but profits were better than expected. The performance of the game business was stable year-on-year, with "Jianwang 3" performing steadily. WPS revenue growth in the first quarter was mainly driven by growth in personal and institutional subscriptions. The report pointed out that the "Sword Network 3 Boundless" mobile game is expected to be launched in June. After the new version of "Dust and White Zone" was launched in mid-April, the flow rate has increased significantly. It is estimated that the second season of "Dust and White Zone" will contribute about 15% to game revenue. Game revenue is expected to grow by 12% for the full year, compared with a previous forecast of 9%. The commercialization of the WPS AI office platform is expected to increase the customer unit price and payment rate of WPS personal subscription and institutional subscription revenue.

The bank fine-tuned Kingsoft Software's revenue forecast, raised its full-year net profit forecast by 4%, raised its target price from HK$26 to HK$30, and upgraded its rating to "Buy".

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