Yamato: Raising the target price of Jinshan Cloud (03896) to HK$13 to maintain a “buy” rating

The Zhitong Finance App learned that Yamato released a research report saying that the second-quarter results of Jinshan Cloud (03896) were better than expected, especially in terms of profitability. Due to strong growth in the AI cloud business and improved operational efficiency, the gross margin and adjusted EBITDA profit margin were significantly higher than market expectations. The bank expects that as demand remains steady, the outlook for Jinshan Cloud is more optimistic. It is estimated that growth will accelerate in the second half of this year, and profit margins will expand slightly. The bank raised Jinshan Cloud's revenue forecast for the 2026-28 fiscal year by 2% to 28% to reflect stronger AI cloud growth prospects, reaffirmed the “buy” rating, and raised the target price from HK$11 to HK$13.