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 announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.</li><li>E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.</li><li>Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. </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 announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. 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) - Intact Earnings Growth Outlook

<ul><li>During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.</li><li>Pan shelf-based ecommerce performed well, with orders/paying users +65%/57% YoY.</li><li>We estimate its GMV share from pan shelf-based ecommerce to be &gt;25%, and 2Q24E ecommerce growth would be intact (forecasting GMV/other services revenue +25%/24% YoY). </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.

During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.Pan shelf-based ecommerce performed well, with orders/paying users +65%/57% YoY.We estimate its GMV share from pan shelf-based ecommerce to be &gt;25%, and 2Q24E ecommerce growth would be intact (forecasting GMV/other services revenue +25%/24% YoY). 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) - Shelf-Based Ecommerce Outperformed in 618

<ul><li>Kuaishou delivered another upbeat quarter, with topline/bottom line +17%/+10,348% YoY (1%/37% above consensus).</li><li>We expect such margin surprise with a HK$16bn new share repurchase program should help its rerating.</li><li>We reiterate our confidence on KS’s resilient growth and earnings upside, and expect a solid 2Q24E ahead. </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 upbeat quarter, with topline/bottom line +17%/+10,348% YoY (1%/37% above consensus).We expect such margin surprise with a HK$16bn new share repurchase program should help its rerating.We reiterate our confidence on KS’s resilient growth and earnings upside, and expect a solid 2Q24E ahead. 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) - Bullish on Earnings Upside

<ul><li>We turn more bullish on Kuaishou’s (KS) margin enhancement ahead, with ads &amp; ecommerce share gains to continue.</li><li>KS delivered solid 4Q23 results, with inline revenue and upbeat bottom line.</li><li>For FY24E, we expect total revenue +10.6% YoY, with livestreaming/ads/other services revenue -8%/+20%/+24% YoY. </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 turn more bullish on Kuaishou’s (KS) margin enhancement ahead, with ads &amp; ecommerce share gains to continue.KS delivered solid 4Q23 results, with inline revenue and upbeat bottom line.For FY24E, we expect total revenue +10.6% YoY, with livestreaming/ads/other services revenue -8%/+20%/+24% YoY. 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 Margin Improvement

<ul><li>We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).</li><li>By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.</li><li>Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). </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 solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). 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) – Resilient 4Q23E with Better Margin Outlook

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) - Intact Earnings Growth Outlook

Kuaishou announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by...

CMB International

Kuaishou (1024 HK) - Shelf-Based Ecommerce Outperformed in 618

During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.

CMB International

Kuaishou (1024 HK) - Bullish on Earnings Upside

We expect such margin surprise with a HK$16bn new share repurchase program should help its rerating. We reiterate our confidence on KS’s resilient...

CMB International

Kuaishou (1024 HK) - More Bullish on Margin Improvement

We turn more bullish on Kuaishou’s (KS) margin enhancement ahead, with ads & ecommerce share gains to continue. KS delivered solid 4Q23 results,...

CMB International

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate...

CMB International

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