19 January 2026 | 6:56PM HKT Equity Research Kingdee (0268.HK): Mgmt visit: AI agents in expansion; Margin to improve on rising Recurring revenues; Buy We hosted Kingdee management on Jan 16 in GS Tech AI Outlook Corp Day in Price Target Risks and Methodology - Kingdee Valuation methodology: Our 12-month target price of HK$18.98 is based on an equal blend of 2-stage DCF and Price/Sales methodologies, where we incorporate a WACC of 11.5% and terminal growth rate of 2% in our DCF valuation due to its diverse ...