大摩：维持金山软件(03888)“与大市同步”评级 下调目标价至33港元 游戏业务逊于预期

Core Viewpoint - Morgan Stanley has downgraded the target price for Kingsoft Corporation (03888) from HKD 38 to HKD 33, maintaining a "Market Perform" rating due to underperformance in the gaming business [1] Financial Performance - Following the release of Kingsoft's Q3 performance data, revenue forecasts for 2025, 2026, and 2027 have been reduced by 3.6%, 3.7%, and 3.5% respectively to reflect weaker-than-expected gaming business performance [1] - The company's earnings per share estimates have been lowered by 12.4%, 5.8%, and 9.6% for the same periods due to the downward revision of revenue and gross margin forecasts, along with an anticipated increase in capital expenditures [1]