Summary of Kingsoft Office Software Inc. (688111.CH) Conference Call Company Overview - **Company**: Kingsoft Office Software Inc. (688111.CH) - **Industry**: Software Technology - **Rating**: Outperform - **Price Target**: CNY 290.00 - **Current Price**: CNY 352.50 - **Market Cap**: CNY 163,040 million Key Financial Highlights - **FY24 Revenue**: CNY 5,121 million, representing a 12.4% increase year-over-year - **4Q24 Revenue**: CNY 1,494 million, up 16.2% YoY - **4Q24 Operating Profit**: CNY 647.7 million, a 44% increase YoY - **4Q24 Net Profit**: CNY 605.1 million, a 42% increase YoY - **Individual Subscription Growth**: +23% - **Enterprise Subscription Growth**: +9% Core Insights - **Revenue Deceleration**: The company is believed to have reached a bottom in revenue deceleration due to the transition to a SaaS model and macroeconomic factors, setting the stage for potential stock price catalysts driven by AI advancements [3][2] - **SaaS Transformation**: The shift to a SaaS approach has led to improved upselling opportunities, particularly with higher-value AI modules, contributing to the growth in both individual and enterprise subscriptions [2][3] - **AI Monetization Potential**: Kingsoft Office is optimistic about its ability to monetize AI features, which are expected to enhance productivity through personalization and customization [3][2] Financial Projections - **Revenue Forecasts**: - FY25 Revenue projected at CNY 6,068 million, indicating a CAGR of 15.4% from FY23 to FY25 - Adjusted EPS expected to grow from CNY 3.26 in FY24 to CNY 3.67 in FY25 - **Valuation Metrics**: - Adjusted P/E ratio expected to decrease from 115.7x in FY24 to 102.8x in FY25 - Gross Margin projected to decline slightly from 84.0% in FY24 to 83.0% in FY25 [7][21] Risks and Challenges - **Government Policies**: Potential risks include changes in government digitalization policies that could impact the office license business and delay purchasing activities [22] - **Market Competition**: Increased competition from internet giants could pose a threat if they develop similar products and invest heavily in R&D [22] - **Economic Conditions**: Weaker macroeconomic conditions may continue to affect end-user spending and ARPU growth in the office subscription business [22] Investment Implications - **Recommendation**: The stock is recommended for accumulation on pullbacks, with a focus on the potential for revenue acceleration and AI product catalysts [3][15] - **Price Target**: The price target of CNY 290.00 suggests an 18% downside from the current price of CNY 352.50, indicating a cautious but optimistic outlook [4][15] Additional Insights - **Performance Metrics**: The stock has shown strong performance with a 93.5% increase over the last 6 months and a 30.1% increase over the last 12 months [4] - **Individual Subscription Revenue Growth**: Individual subscription revenue growth is expected to reaccelerate, with projections indicating a YoY growth of 22.9% in 4Q24E [10][12] This summary encapsulates the key points from the conference call regarding Kingsoft Office Software Inc., highlighting its financial performance, strategic insights, risks, and investment recommendations.

Asia Pacific Equity Research 28 February 2025 J P M O R G A N Fund Manager Radar Playing defense Jason Steed AC (61-2) 9003-8609 jason.h.steed@jpmorgan.com Dylan Adrian (61-2) 9003-7397 dylan.adrian@jpmorgan.com J.P. Morgan Securities Australia Limited Performance of Love Index movers | STOCK | Jan-25 REL | 3M REL | | --- | --- | --- | | POSITIVE MOVERS | | | | ASX | -7.0% | -5.0% | | BXB | -1.7% | 2.9% | | COH | 5.7% | 3.9% | | EVN | 13.9% | 11.5% | | MQG | 4.1% | 3.1% | | TLC | -2.3% | -3.6% | | WTC | -2. ...

V i e w p o i n t | Adrienne Lui AC +852-2501-2753 adrienne.lui@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as onl ...

Please add me to your distribution list. | M | Dominic J Krummenacher Strategist Dominic.Krummenacher@morganstanley.com | | | --- | --- | --- | | | | Global Idea | | February 28, 2025 12:03 PM GMT | | | | G10 FX Strategy | Morgan Stanley & Co. International plc+ | | | Tariff Fatigue Setting In | | +44 20 7425-9781 | | | David S. Adams, CFA | | | | Strategist David.S.Adams@morganstanley.com | +44 20 7425-3518 | | Price action suggests to us G10 FX markets are starting to get | Wanting Low | | | | Strategist ...

Summary of Kingboard Laminates Holdings (1888.HK) Conference Call Company Overview - **Company**: Kingboard Laminates Holdings (1888.HK) - **Date of Report**: 28 February 2025 Key Points Financial Performance - Kingboard Laminates Holdings (KBL) announced a positive profit alert for 2024, estimating a net profit increase of over 43% year-on-year to more than HK$1.3 billion, which is below the forecast of HK$1.648 billion [1][3] - The discrepancy in profit expectations is attributed to: 1. One-off provision on re-valuation of property investment portfolio and property bonds due to a subdued property market 2. Lower-than-expected gross margin (GM) in 4Q24 due to increased bulk purchase discounts across the industry [1][3] Market Reaction - Following the profit alert, KBL's stock declined by 6%, although it had previously gained over 25% in the week leading up to the announcement [1] - The current stock price is HK$9.22, with a target price set at HK$11.50, indicating an expected share price return of 24.7% and a total expected return of 28.3% [4] Industry Context - The lower GM in 4Q24 is viewed as an industry-wide issue rather than company-specific, as KBL's competitor, Shengyi Technology, also reported a profit alert that missed expectations [3] - KBL's GM is projected to improve from approximately 19% in 2024 to around 23% in 2025, still below the mid-cycle average of 25% [3] Shipment Trends - Monthly shipments showed a persistent uptick in the second half of 2024 compared to the first half, with an average monthly shipment increase of 12.1% [6] Valuation and Risks - The target price of HK$11.50 is based on a price-to-earnings (P/E) ratio of approximately 15x for 2025, reflecting a cautious approach due to slower-than-expected macro consumption in China [8] - Key risks affecting the stock's performance include: 1. Variability in China's macroeconomic growth 2. Changes in government stimulus measures 3. Fluctuations in demand for electronic goods [9] Conclusion - Despite the short-term stock weakness, the overall outlook for KBL remains positive, with expectations of a margin upcycle continuing into 2025, presenting potential buying opportunities for investors [1][3]

28 February 2025 Global bond flows compass Fixed Income Favouring Asia local debt Global Chart of the week: Weak demand for NTN-F in January -6000 -4000 -2000 0 2000 4000 6000 8000 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Foreign flows (USDm) LFT LTN NTN-F Source: Brazil government website, Bloomberg, HSBC Figure 1. Monthly trends in offshore bond flows of EM sovereign debt Note: *For period, see Table 1. Source: Central bank websites, HSBC Soumya Mohanty, C ...

In the week to 26 February, EM bond funds had inflows, while outflows from EM equity funds continued. EM hard-currency bond funds had moderate inflows for a second consecutive week, driven by flows into non-ETF/actively managed funds. Overall flows for EM bond funds were also positive as a result, given the broadly flat flows for EM local-currency bond funds. Meanwhile, outflows from EM equity funds continued, driven by Asia-focused funds. In the EM Weekly: Dealing with uncertainty, 28 February 2025, we hig ...

Hong Kong 28 February 2025 Daily dose of HK & mainland China Real Estate Research Focus and Views on the News HK & mainland China Highlights of the day Head of Asia Real Estate and HK Equity Research The Hongkong and Shanghai Banking Corporation Limited michellekwok@hsbc.com.hk +852 2996 6918 Raymond Liu*, CFA Analyst, Asia Real Estate and Conglomerates The Hongkong and Shanghai Banking Corporation Limited raymond.w.m.liu@hsbc.com.hk +852 2996 6743 Michelle Kwok* Real Estate Mainland China Research focus Su ...

February 28, 2025 03:10 PM GMT China Materials | Asia Pacific Weekly Monitor: Demand Seasonally Recovers Rebar consumption has improved for two weeks in a row. Base metals: Shanghai copper prices were down 0.8% WoW, while inventories decreased 0.4% WoW. Shanghai aluminum prices were down 1.1% WoW, while inventories were down 5.5% WoW. Key news of the week: Reuters – Trump orders new tariff probe into US copper imports under Section 232. Battery metals: Domestic industrial-grade lithium hydroxide and battery ...

J P M O R G A N North America Equity Research 28 February 2025 Duolingo Max & AI Product Cycle Supports Potential 2025 Bookings Growth Upside; Modeling 2H DAU Growth Re-Accel; Adj. EBITDA Margin Pick-Up in 2H; Reiterate OW & $410 ▲Price Target (Dec-25):$410.00 Prior (Dec-25):$400.00 DUOL shares traded down -7% post-close as the 2025 Bookings & Adj. EBITDA guide were modestly below high investor expectations. However, we're encouraged by DUOL's AI product cycle led by Max, which comprises ~5% of paid subscri ...