External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.</li><li>We are more bullish on its 2Q23E momentum (forecasting rev +25% YoY), supported by: 1) resilient livestreaming to continue; 2) ads acceleration with external ads resuming growth; and 3) ecommerce share gain with higher take rate (GMV/rev +30%/50% YoY).</li><li>After recent price corrections for weak market sentiment, we suggest to buy on dips, for its stronger LS &amp; ecommerce and better margin outlook. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.We are more bullish on its 2Q23E momentum (forecasting rev +25% YoY), supported by: 1) resilient livestreaming to continue; 2) ads acceleration with external ads resuming growth; and 3) ecommerce share gain with higher take rate (GMV/rev +30%/50% YoY).After recent price corrections for weak market sentiment, we suggest to buy on dips, for its stronger LS &amp; ecommerce and better margin outlook. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – More Bullish on 2Q23E Momentum

<ul><li>Despite macro challenges and competition, we expect Kuaishou to deliver upbeat 1Q23E, with stronger ecommerce &amp; livestreaming (LS) and better bottom line.</li><li>LS would continuously gain share (rev +14% YoY), boosted by faster engagement with top agencies and hosts.</li><li>We expect its other rev (ecommerce) to grow 41% YoY, with GMV largely in line (+28% YoY) and higher take rate. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite macro challenges and competition, we expect Kuaishou to deliver upbeat 1Q23E, with stronger ecommerce &amp; livestreaming (LS) and better bottom line.LS would continuously gain share (rev +14% YoY), boosted by faster engagement with top agencies and hosts.We expect its other rev (ecommerce) to grow 41% YoY, with GMV largely in line (+28% YoY) and higher take rate. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Stronger 1Q23E on better ecommerce & LS

<ul><li>Kuaishou delivered upbeat 4Q22, with stronger ads &amp; livestreaming and better margin.</li><li>Looking ahead, we are confident on KS’s ads recovery, as well as share gain in ecommerce and livestreaming.</li><li>After the current price correction, it would be a good time to accumulate, given: 1) resilient 1Q23E guidance (forecasting rev +15% YoY), with decent ads and livestreaming; 2) external ads demand to recover in 2Q23E; and 3) group breakeven in sight.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou delivered upbeat 4Q22, with stronger ads &amp; livestreaming and better margin.Looking ahead, we are confident on KS’s ads recovery, as well as share gain in ecommerce and livestreaming.After the current price correction, it would be a good time to accumulate, given: 1) resilient 1Q23E guidance (forecasting rev +15% YoY), with decent ads and livestreaming; 2) external ads demand to recover in 2Q23E; and 3) group breakeven in sight.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – A solid start into 2023E

<ul><li>We expect Kuaishou to deliver resilient 4Q22E, with upbeat ads &amp; livestreaming and better margin (overseas narrowing loss to offset lower GPM and higher S&amp;M).</li><li>Rising COVID cases after China reopening dampened ecommerce take rate (on higher returns with logistics disruptions), but GMV trend remained intact (also supporting internal ads performance).</li><li>Looking ahead, we see high visibility for KS to embrace ads recovery from 2Q23E, and group breakeven is in sight. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Kuaishou to deliver resilient 4Q22E, with upbeat ads &amp; livestreaming and better margin (overseas narrowing loss to offset lower GPM and higher S&amp;M).Rising COVID cases after China reopening dampened ecommerce take rate (on higher returns with logistics disruptions), but GMV trend remained intact (also supporting internal ads performance).Looking ahead, we see high visibility for KS to embrace ads recovery from 2Q23E, and group breakeven is in sight. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Solid 4Q22E with better margin outlook

Thematic (Sector/Industry)

<ul><li>China online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years, but compared to offline advertising this performance is relatively more resilient.</li><li>On a QoQ basis, the online advertising market has been showing recovery signs since 3Q22.</li><li>Online ad market revenue returned to positive 6.5% YoY growth in November 2022. Given the pace of economic recovery, we expect online ads sector should deliver strong rebound from 2Q23E onwards. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years, but compared to offline advertising this performance is relatively more resilient.On a QoQ basis, the online advertising market has been showing recovery signs since 3Q22.Online ad market revenue returned to positive 6.5% YoY growth in November 2022. Given the pace of economic recovery, we expect online ads sector should deliver strong rebound from 2Q23E onwards. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet – China Online Advertising: Onset for Gradual Recovery in 2023E

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) – More Bullish on 2Q23E Momentum

Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.

CMB International

Kuaishou (1024 HK) – Stronger 1Q23E on better ecommerce & LS

Despite macro challenges and competition, we expect Kuaishou to deliver upbeat 1Q23E, with stronger ecommerce & livestreaming (LS) and better...

CMB International

Kuaishou (1024 HK) – A solid start into 2023E

Kuaishou delivered upbeat 4Q22, with stronger ads & livestreaming and better margin. Looking ahead, we are confident on KS’s ads recovery, as well...

CMB International

Kuaishou (1024 HK) – Solid 4Q22E with better margin outlook

We expect Kuaishou to deliver resilient 4Q22E, with upbeat ads & livestreaming and better margin (overseas narrowing loss to offset lower GPM and...

CMB International

China Internet – China Online Advertising: Onset for Gradual Recovery in 2023E

China online advertising market revenue declined by 6.4% YoY to RMB508.8bn in 2022 as per IMZ, the first YoY revenue drop in the past 7 years

CMB International

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