REAL-TIME GLOBAL RESEARCH
Chart of the Day: Catching Up with Global Peers
Key takeaways
- Kingdee's share price has caught up with global peers (enterprise management SaaS) MTD, after lagging behind in September.
- We see an attractive setting for Kingdee in the rotation from AI infra to applications, with a supportive downstream in enterprise capex (not consumption).
- Compared with global peers, Kingdee offers either more attractive valuation (15x 2027 EV/FCF) or faster FCF growth (26% 26-29e FCF CAGR).
Figures are read from the report's first page; the summary is built from the report's own key-takeaway sentences. No model-generated text.
Research evidence excerpt
Kingdee International Software Group (0268.HK, 268 HK)
Greater China IT Services and Software | China
Key Takeaways
Kingdee's share price has caught up with global peers (enterprise management SaaS) MTD, after lagging behind in September.
We see an attractive setting for Kingdee in the rotation from AI infra to applications, with a supportive downstream in enterprise capex (not consumption).
Compared with global peers, Kingdee offers either more attractive valuation (15x 2027 EV/FCF) or faster FCF growth (26% 26-29e FCF CAGR).
Among different sub-markets in China software, we believe ERP is better than cybersecurity (lack of budget) and office (competition from hyperscalers).
In our recent marketing, most investors' appeared familiar with LLMs' ARR, but do not know Kingdee's ARR, which makes us view it is as underappreciated.
Share price performance of major enterprise management SaaS
Kingdee International Software Group (0268.HK)
Revenue, net (Rmb mn) 7,006.0 7,972.0 8,999.7 10,109.7 Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare
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