China's online game developer Kingsoft jumps after Q1 results
** Shares of Kingsoft Corp Ltd 3888.HK rise 4.3% to HK$26.70, on course for their biggest one-day gain since May 2
** Stock on track to snap two straight sessions of fall; third-biggest gainer on Hang Seng Tech Index .HSTECH
** The Chinese online and mobile games developer and operator posts 8% Y/Y rise in Q1 revenue at 2.1 bln yuan ($289.9 mln) with net profit up 48% Y/Y to 284.6 mln yuan
** Jefferies maintains "Buy" on the stock and raises price target to HK$35 from HK$34, saying 1Q revenue in line with estimates while adjusted operating profit beating expectations and management highlighted positive feedback from new online games
** Nomura keeps "Buy" rating on upbeat gaming business saying Kingsoft's management raises its gaming revenue guidance to about 10% Y/Y growth in FY24E, from the previous single digit growth, driven by better-than-expected performance of new titles
** Hang Seng Tech Index .HSTECH falls 1.4%, Hang Seng Composite Index .HSCI declines 1.2% and Hang Seng Index .HSI eases 1.3%
** Stock up 8.5% YTD
($1 = 7.2432 Chinese yuan renminbi)
Reporting by Donny Kwok
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