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BofA Merrill Lynch has raised the target price of Kingdee International (00268) from HK $16.3 to HK $23.5, maintaining the “buy” rating.
Bank of America Merrill Lynch published a research report, believing that Kingdee’s ongoing cloud business transformation is going smoothly. At present, the proportion of the company’s business guidance revenue has rapidly increased from 39% last year to 55% to 62% in the first half of this year.
BofA Merrill Lynch said that the company’s cloud business has a strong growth trend this year, but since the company has just restarted relevant projects and signed contracts in the second quarter, it is expected that the growth in May and June will slow down, and the related revenue may be extended to the second half of this year. Therefore, it is estimated that the first half of the year should be the low level of the company’s cloud business revenue growth.
at present, BofA Merrill Lynch has raised the target price of Kingdee shares from HK $16.3 to HK $23.5, maintaining its rating of “buy” and raising its forecast of cloud business revenue by 3% in 2022.