Software firm Kingdee hits all-time high in HK on policy optimism

Kingdee International Software Co

09/08/2018 05:40

** Shares of enterprise resource planning and cloud services
provider Kingdee International Software Group Co Ltd  0268.HK 
rise 8.9 pct to an all-time high of HK$10.50, on hopes of a
policy boost after Beijing sets up a body to oversee
technological developments
    ** Jefferies maintains "buy" on Kingdee and raises target
price to HK$11.10 from HK$10.10, saying the firm's opportunity
in the large-size market is unprecedented, with the launch of
Cloud 2.0 product CangQiong
    ** China will set up a National Science and Technology
Leading Group headed by Premier Li Keqiang, tasked with studying
and reviewing national strategies, plans and major policies in
science and technology  urn:newsml:reuters.com:*:nL4N1V01QY
    ** As of the previous close, the stock had risen 119 percent
so far this year
    ** Kingdee, with a market value of $4.37 billion, has
outperformed the Hang Seng Commerce & Industry Index sector
 .HSNC  by 28.8 percentage points in the past one month
    ** By the lunch break, about 30.90 million shares of the
Guangdong-based firm change hands, compared with their 30-day
moving average of 37.03 million shares a day
    ** Among the 17 analysts that cover Kingdee, the current
average rating on the shares is "buy"; the breakdown of
recommendations is 12 "strong buy" or "buy", abd five "hold".
The analyst mean price target is HK$8.17 
    ** Hong Kong benchmark index  .HSI  climbs 0.9 pct
    ($1 = 7.8492 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)