Group 1 - The core viewpoint of the article highlights that Kingsoft Holdings (03918) experienced a significant stock price increase, with a rise of over 7% in early trading, currently at 5.76 HKD, with a trading volume of 41.1 million HKD [1] - Kingsoft Holdings reported a total gaming revenue of approximately 332 million USD for the first half of the year, representing a year-on-year growth of 17.2% [1] - The net profit for the same period was around 149 million USD, showing a substantial year-on-year increase of 68.8% [1] Group 2 - UBS's research report indicates that the growth in gaming revenue is driven by an increase in business travelers to Phnom Penh, Cambodia, and local demand [1] - Due to the better-than-expected performance in the first half of the year, UBS plans to raise its gaming revenue forecasts for 2025-2026 by 21% to 29%, with expected overall gaming revenue growth of 32% and 10% for this year and next year, respectively [1] - Citigroup noted that Kingsoft Holdings' first-half performance exceeded expectations, with a strong year-on-year increase of 17% in gaming revenue and an expansion of EBITDA margin by 9.2 percentage points [1] Group 3 - Although the resumption of interim cash dividends was unexpected, Citigroup pointed out that the payout ratio of 30% is lower than their annual expectation of 60% [1] - Despite signs of improvement in the fundamentals, there remains uncertainty regarding the Naga3 project, with no updates provided, suggesting a potential delay in the targeted opening date of September 2029 [1]
金界控股早盘涨超7% 上半年业绩超出市场预期 花旗称Naga3项目不确定性仍存