tag:blogger.com,1999:blog-1491809123398979739.post4089096005742371555..comments2024-03-10T11:10:02.660+08:00Comments on 股壇老兵鍾記 長勝之道: 金山軟件重點發展移動互聯網和云業務(十二)股壇老兵鍾記http://www.blogger.com/profile/07093066867147384620noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-1491809123398979739.post-75222783399343334742015-03-30T18:36:15.716+08:002015-03-30T18:36:15.716+08:00Thank you very much Benny.
My view on this deal i...Thank you very much Benny.<br /><br />My view on this deal is positive too. <br /><br />I have invested on both KS and CMCM.<br /><br />KS 2014Q4 result surprised me. My most optimistic estimate was RMB 140m. <br /><br />The credit goes to Fu Sheng for leading CMCM fabulously.<br /><br />My estimate for KS in 2015 is that each quarter result would be surprising to the market consensus, given: <br /><br />1. strong performance and monetization of CMCM;<br />2. boost from figures from 变身吧主公 (it was launched in last December and the major revenue comes in 2015Q1) and the launch of 3 more mobile games.<br /><br />One of my uncertainties for KS is the USD 1b Cloud capex. <br /><br />What do you think about the booking of it? And how it would impact on the balance sheet?<br /><br />Thanks much.<br /><br />AlfredAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-1491809123398979739.post-31002355440994794052015-03-28T19:35:44.597+08:002015-03-28T19:35:44.597+08:00有小米和雷军,募集资金话咁易!
早入股,估值会便宜一点,将来入股,股值一般都会比较高!看看小米的估值...有小米和雷军,募集资金话咁易!<br />早入股,估值会便宜一点,将来入股,股值一般都会比较高!看看小米的估值就知道!<br />IDG肯定是early bird!股壇老兵鍾記https://www.blogger.com/profile/07093066867147384620noreply@blogger.comtag:blogger.com,1999:blog-1491809123398979739.post-73921868988426892272015-03-28T19:28:06.000+08:002015-03-28T19:28:06.000+08:00Dear Alfred,
I am constructive on the news.
Reas...Dear Alfred,<br /><br />I am constructive on the news.<br /><br />Reasons: <br /><br />Valuation of KS Cloud = US$600 Mn (US$24 Mn for 3.98% stake)<br />Book value of KS Cloud = Rmb200 Mn<br />Valuation/book value = 19X<br />And KS Cloud was still loss-making Rmb60 Mn in 2014.<br />I think the valuation is fair at the first place. <br /><br />Secondly, Kingsoft will increase the stake in KS Cloud slightly from 52.1% to 52.3%. No dilution at all! The shareholder of Kingsoft will not be hurt.<br /><br />Thirdly, use other people money to expand in a capital intensive industry is a smart move, in my view. This will reduce the risk of Kingsoft and attract more institutional investors in the future. <br /><br />Fourth, IDG is a very famous private equity fund that is specialised in the technology sector. Participation of IDG is an endorsement of the outlook of KS Cloud, to a certain degree. I think spin off of KS Cloud for a separate listing in future years should be on its agenda. <br /><br />股壇老兵鍾記https://www.blogger.com/profile/07093066867147384620noreply@blogger.comtag:blogger.com,1999:blog-1491809123398979739.post-26357000508004701372015-03-28T11:56:28.426+08:002015-03-28T11:56:28.426+08:00Last nite KS Cloud announced that it would sell a ...Last nite KS Cloud announced that it would sell a stake to IDG and KS. <br /><br />How do you think about the KS Cloud valuation? Some say it is undervalued and hurts the benefit of the KS shareholders.<br /><br />Thanks<br /><br />AlfredAnonymousnoreply@blogger.com