Morgan Stanley has issued a research report adjusting its revenue forecasts for KINGSOFT (03888) following its Q3 performance. The bank raised its 2025–2027 revenue projections by 1.5%, 2.1%, and 2.7%, respectively. However, normalized EPS estimates were revised with a 0.4% increase for 2025 but cuts of 4.9% and 3.2% for 2026 and 2027, primarily due to higher operating expenses offsetting revenue gains. The firm maintained its HK$38 target price and "Equal-weight" rating.
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