Stock 3888 KINGSOFT CORPORATION LIMITED
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Financials Kingsoft Corporation Limited

Equities

3888

KYG5264Y1089

Software

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:39 2024-05-28 am EDT 		5-day change 1st Jan Change
25.4 HKD -0.20% Intraday chart for Kingsoft Corporation Limited -6.45% +5.39%
May. 23 Kingsoft Corporation Limited Approves Final Dividend for the Year Ended 31 December 2023 CI
May. 23 Jefferies Adjusts Kingsoft's Price Target to HK$35 From HK$34, Keeps at Buy MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 24,651 57,528 38,148 31,330 29,604 31,498 - -
Enterprise Value (EV) 1 15,156 45,675 24,411 13,334 12,170 15,614 12,351 9,901
P/E ratio -16 x 5.75 x 99.7 x -5.2 x 64.4 x 28 x 20.3 x 15.8 x
Yield 0.5% 0.4% 0.35% 0.49% 0.59% 0.73% 1.05% 1.58%
Capitalization / Revenue 3 x 10.3 x 5.99 x 4.1 x 3.47 x 3.18 x 2.75 x 2.4 x
EV / Revenue 1.84 x 8.16 x 3.83 x 1.75 x 1.43 x 1.58 x 1.08 x 0.75 x
EV / EBITDA 27.9 x 22.4 x 15.5 x 6.23 x 4.93 x 5.02 x 3.37 x 2.31 x
EV / FCF -28.2 x 19.8 x 13.2 x 6.46 x 3.49 x 5.03 x 3.56 x 2.37 x
FCF Yield -3.54% 5.05% 7.6% 15.5% 28.7% 19.9% 28.1% 42.1%
Price to Book 1.79 x 2.33 x 1.54 x 1.61 x 1.4 x 1.43 x 1.38 x 1.28 x
Nbr of stocks (in thousands) 1,365,563 1,367,023 1,366,945 1,359,175 1,351,511 1,333,914 - -
Reference price 2 18.05 42.08 27.91 23.05 21.90 23.61 23.61 23.61
Announcement Date 3/24/20 3/23/21 3/23/22 3/21/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 8,218 5,594 6,371 7,637 8,534 9,908 11,454 13,139
EBITDA 1 543 2,039 1,573 2,141 2,466 3,113 3,662 4,285
EBIT 1 -193.5 1,855 1,361 1,869 2,227 2,696 3,173 3,755
Operating Margin -2.35% 33.16% 21.35% 24.47% 26.1% 27.21% 27.7% 28.58%
Earnings before Tax (EBT) 1 -1,921 2,069 1,143 -5,721 1,489 2,590 3,197 4,000
Net income 1 -1,546 10,045 395.3 -6,048 483.5 1,101 1,493 1,939
Net margin -18.82% 179.56% 6.2% -79.2% 5.67% 11.11% 13.04% 14.75%
EPS 2 -1.130 7.320 0.2800 -4.430 0.3400 0.8419 1.166 1.490
Free Cash Flow 1 -536.8 2,307 1,856 2,065 3,488 3,102 3,465 4,170
FCF margin -6.53% 41.25% 29.13% 27.04% 40.88% 31.31% 30.25% 31.74%
FCF Conversion (EBITDA) - 113.18% 118.01% 96.43% 141.43% 99.65% 94.62% 97.33%
FCF Conversion (Net income) - 22.97% 469.55% - 721.53% 281.81% 232.02% 215.11%
Dividend per Share 2 0.0911 0.1678 0.0977 0.1140 0.1288 0.1713 0.2490 0.3720
Announcement Date 3/24/20 3/23/21 3/23/22 3/21/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 1,510 1,822 1,853 1,834 1,837 2,112 1,970 2,193 2,060 2,310 2,137 2,510 2,597 2,799
EBITDA 287.3 439.6 - - - - - - - - - - - -
EBIT 1 287.3 331.4 499.5 418.7 331.8 618.7 460.3 675.7 376.1 714.8 601.6 743 770 770
Operating Margin 19.02% 18.19% 26.95% 22.83% 18.06% 29.29% 23.36% 30.81% 18.26% 30.94% 28.15% 29.61% 29.65% 27.51%
Earnings before Tax (EBT) 801.4 -151 - 78.05 - - - 345.8 215.7 563.5 - 702 - -
Net income 1 - -335.1 99.39 -139.4 -6,055 46.73 192.3 57.19 28.49 205.4 284.6 344 386 383
Net margin - -18.39% 5.36% -7.6% -329.59% 2.21% 9.76% 2.61% 1.38% 8.89% 13.32% 13.71% 14.86% 13.68%
EPS 2 0.4100 -0.2500 0.0600 -0.1000 -4.440 0.0300 0.1400 0.0400 0.0200 0.1500 0.2100 0.2100 0.1750 0.3650
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/16/21 3/23/22 5/24/22 8/23/22 11/15/22 3/21/23 5/23/23 8/22/23 11/21/23 3/20/24 5/22/24 - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 9,495 11,852 13,736 17,996 17,434 15,884 19,147 21,597
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 -537 2,307 1,856 2,065 3,488 3,102 3,465 4,170
ROE (net income / shareholders' equity) -11.5% 52.2% 1.6% 1.71% 2.53% 5.1% 6.54% 7.59%
ROA (Net income/ Total Assets) -6.96% 33.8% 1.1% 2.04% 1.54% 4.14% 4.78% 5.53%
Assets 1 22,226 29,723 35,790 -296,512 31,449 26,588 31,242 35,089
Book Value Per Share 2 10.10 18.00 18.10 14.30 15.60 16.50 17.10 18.50
Cash Flow per Share 2 0.5900 2.180 1.620 1.890 0.1700 2.000 2.940 4.130
Capex 1 1,362 684 364 509 474 483 589 673
Capex / Sales 16.57% 12.22% 5.71% 6.66% 5.55% 4.87% 5.14% 5.12%
Announcement Date 3/24/20 3/23/21 3/23/22 3/21/23 3/20/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Kingsoft Corporation Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
16
Last Close Price
23.61 CNY
Average target price
32.73 CNY
Spread / Average Target
+38.60%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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