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《Major Bank》 Jefferies slightly lowers Kingdee (00268.HK) target price to 18.09 yuan; the first-half profit forecast meets expectations

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Jefferies issued a research report indicating that Kingdee International (00268.HK) +0.940 (+14.826%) Short selling $104 million; Ratio 31.367% issued a profit alert, expecting total revenue for the first half of the year to increase by 13% to 14% year-on-year, in line with market consensus and management's full-year double-digit revenue growth guidance. Net profit is expected to be between RMB 40 million and RMB 60 million, compared to a loss of RMB 98 million in the first half of 2025; adjusted non-IFRS net profit is expected to be between RMB 105 million and RMB 125 million, compared to a loss of RMB 51 million in the first half of 2025, in line with market expectations. Due to downward revisions in subscription revenue growth expectations, Jefferies lowered its revenue forecast for Kingdee from 2026 to 2029 by about 2%, and net profit forecasts by 7% to 18%. The target price was slightly lowered from HK$18.85 to HK$18.09, maintaining a "Buy" rating. The firm believes that Kingdee's stock price has fallen 52% year-to-date, and market concerns about AI disrupting SaaS are excessive. With a 2026 forecast PEG of only 0.6 times, the valuation is attractive, and it remains a top pick in the Chinese software industry. (gc/da) (Hong Kong stock quotes are delayed by at least 15 minutes. Short selling data as of 2026-07-08 12:25.) Related content: "CICC maintains optimism on Kingdee (00268.HK), keeps 'Buy' rating, slightly adjusts target price to HK$19.2"
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