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>As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23.</li><li>Looking into 4Q23E, we expect the resilient momentum to continue.</li><li>We forecast 4Q23E rev +15% YoY (largely in line), and bottom line at RMB2.8bn (9% above consensus). </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.

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23.Looking into 4Q23E, we expect the resilient momentum to continue.We forecast 4Q23E rev +15% YoY (largely in line), and bottom line at RMB2.8bn (9% above consensus). 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) – Upbeat Margin to Continue

<ul><li>We expect Kuaishou (KS) to deliver in-line rev (+20% YoY) and upbeat profit (16% above consensus) in 3Q23E.</li><li>By segment, ecommerce GMV/rev would see +30%/+35% YoY growth, attributable to extensive brand participation and product offerings through the Stream Initiative.</li><li>KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside. </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 (KS) to deliver in-line rev (+20% YoY) and upbeat profit (16% above consensus) in 3Q23E.By segment, ecommerce GMV/rev would see +30%/+35% YoY growth, attributable to extensive brand participation and product offerings through the Stream Initiative.KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside. 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) – Expecting Another Upbeat Quarter

<ul><li>Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above consensus).</li><li>Looking into 3Q23E, we expect KS to deliver resilient ads and ecommerce, with decent profitability.</li><li>Despite challenging macro and competition, we are confident on KS’s ecommerce share gain, with GMV/rev +30%/36% YoY in 3Q23E. </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’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above consensus).Looking into 3Q23E, we expect KS to deliver resilient ads and ecommerce, with decent profitability.Despite challenging macro and competition, we are confident on KS’s ecommerce share gain, with GMV/rev +30%/36% YoY in 3Q23E. 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) – Better Margin Outlook with Strong Ecommerce

<ul><li>Kuaishou would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn).</li><li>Given eye-catching 618 sales, KS ecommerce is expected to outperform with GMV/rev +34%/55% YoY (vs. prior +30%/50%).</li><li>We expect further ecommerce upside from shelf-based mall and higher traffic efficiency with Chuanliu Plan and upgraded ecosystem. </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 would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn).Given eye-catching 618 sales, KS ecommerce is expected to outperform with GMV/rev +34%/55% YoY (vs. prior +30%/50%).We expect further ecommerce upside from shelf-based mall and higher traffic efficiency with Chuanliu Plan and upgraded ecosystem. 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) – Share gain to continue with earnings upside

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Thematic (Sector/Industry)

<ul>
<li>
China’s two biggest e-commerce companies reported higher sales from this year’s Double 11 shopping extravaganza, but kept tight-lipped about just how high, as they rolled out discount-heavy strategies to encourage reluctant consumers to spend.
</li>
<li>
Alibaba Group Holding Ltd. and JD.com Inc. had offered a slew of discounts to attract shoppers as the recovery in household consumption in the world’s second largest economy <a href="https://www.caixinglobal.com/2023-10-18/chinas-third-quarter-gdp-grows-102117643.html" target="_blank" rel="noopener">slowly gained momentum in recent months</a>.
</li>
<li>
Alibaba said that both gross merchandise value (GMV) and order amount on Taobao and Tmall from Oct. 24 to Nov. 11 rose from the same period last year.
</li>
</ul>



China’s two biggest e-commerce companies reported higher sales from this year’s Double 11 shopping extravaganza, but kept tight-lipped about just how high, as they rolled out discount-heavy strategies to encourage reluctant consumers to spend.


Alibaba Group Holding Ltd. and JD.com Inc. had offered a slew of discounts to attract shoppers as the recovery in household consumption in the world’s second largest economy slowly gained momentum in recent months.


Alibaba said that both gross merchandise value (GMV) and order amount on Taobao and Tmall from Oct. 24 to Nov. 11 rose from the same period last year.



Alibaba, JD.com Report Double 11 Sales Growth   

China

Hello Group Inc. operates as a mobile-based social networking platform. The Company enables users to establish and expand social relationships based on location and interests. Hello Group operates out of the Peoples Republic of China.

Kunlun Tech Co., Ltd. offers comprehensive Internet value-added services. The Company focuses on social network interactive and online game fields. Kunlun Tech also provides localized translation outsourcing and agency advertising services.

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

Tongdao Liepin Group operates as a online talent service platform. The Company offers online personal career files, online job search, online recruitment, talent solutions, and other related services. Tongdao Liepin Group also provides talent community network and other services.

China Ruyi Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on online streaming video and internet community businesses. China Ruyi Holdings also manufactures and sells photographic, electronic, and multimedia accessories.

37 Interactive Entertainment Network Technology Group Co.,Ltd designs, develops, and operates mobile games and web games. The Company also provides game promotion, customer service, top-up payment, and other services. 37 Interactive Entertainment Network Technology Group conducts its businesses in China.

37 Interactive Entertainment N (002555 CH)

Shandong Publishing & Media Co., Ltd offers publishing services. The Company publishes and sells books, textbooks, magazines, audio visuals, and other products. Shandong Publishing & Media also manufactures and sells papers.

Crazy Sports Group Limited operates as a digital sports entertainment community operator. The Company provides provide online sports information, sports knowledge payment, event quiz, sports mobile games, online sports lottery tickets purchasing, and other services. Crazy Sports Group offers services in China.

Zhejiang Huace Film & TV Co., Ltd. specializes in entertainment media production. The Company's products include Mandarin films, TV programs and advertisements.

Zhejiang Huace Film & Televisi (300133 CH)

Phoenix New Media Ltd. is a new media company the provides premium content on an integrated platform across Internet, mobile and TV channels in China.  The Company enables consumers to access professional news and other information and share user-generated content on the Internet and through their mobile devices.

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

Pinterest, Inc. operates and maintains social networking site. The Company provides online venue for personal photos, ideas, oddities, decorations, places to visit, recipes, and other items. Pinterest serves customers worldwide.

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

CAR Group Limited operates as a digital marketplace for vehicles. The Company provides a diversified portfolio of brands to sell and buy cars. CAR Group serves customers worldwide.

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

IAC Inc operates as a holding company. The Company, through its subsidiaries, provides media and Internet services. IAC serves customers worldwide.

Domain Holdings Australia Limited offers multi-platform property solutions. The Company operates an online portal that delivers property marketing solutions for residential, new development, and commercial properties. Domain Holdings Australia serves buyers, sellers, renters, and investors in Australia.

EverQuote, Inc. operates as an Internet based marketing firm. The Company, through its platform, enables consumers to connect with auto insurance carriers and agents to meet their auto insurance needs. EverQuote serves customers in the United States.

New Work SE operates an an online business network. The Company offers social network for business professionals to connect and share ideas, projects, jobs, and advice. New Work serves customers in Europe.

World Wrestling Entertainment, Inc. operates as a media and entertainment company. The Company offers live wrestling events, television programming, music publishing, advertising, licensing, and home video streaming services. World Wrestling distributes its programs worldwide in various languages.

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) – Upbeat Margin to Continue

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23. Looking into 4Q23E, we expect the resilient momentum...

CMB International

Kuaishou (1024 HK) – Expecting Another Upbeat Quarter

KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside.

CMB International

Kuaishou (1024 HK) – Better Margin Outlook with Strong Ecommerce

Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above...

CMB International

Alibaba, JD.com Report Double 11 Sales Growth

China’s two biggest e-commerce companies reported higher sales from this year’s Double 11 shopping extravaganza, but kept tight-lipped about just...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kuaishou (1024 HK) – Upbeat Margin to Continue

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23. Looking into 4Q23E, we expect the resilient momentum...

CMB International

Kuaishou (1024 HK) – Expecting Another Upbeat Quarter

KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside.

CMB International

Kuaishou (1024 HK) – Better Margin Outlook with Strong Ecommerce

Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above...

CMB International

Kuaishou (1024 HK) – Share gain to continue with earnings upside

Kuaishou would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn). Given eye-catching 618 sales,...

CMB International

Alibaba, JD.com Report Double 11 Sales Growth

China’s two biggest e-commerce companies reported higher sales from this year’s Double 11 shopping extravaganza, but kept tight-lipped about just...

Caixin Global