CMB International: Remains optimistic about KINGDEE INT'L, maintains "Buy" rating with a target price of HKD 19.2

CMB International released a research report stating that it maintains its revenue forecast for KINGDEE INT'L from 2025 to 2027, with a target price of HKD 19.2, based on an expected enterprise value/sales ratio of 8.4 times for 2025 (previously 8.5 times), in line with the two-year average plus two standard deviations, and maintains a "Buy" rating. KINGDEE INT'L's revenue in the first half of this year was RMB 3.19 billion, a year-on-year increase of 11.2%, in line with the bank's forecast and market consensus expectations. CMB International remains optimistic about KINGDEE as one of the main beneficiaries in the era of artificial intelligence applications, believing that the progress of AI monetization, recovery in revenue growth, macroeconomic recovery, and increased digital demand will be key drivers of its stock price