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>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

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Operating profit and its margin reached historical high in 4Q23.</li>
<li>Monthly active user base continued to expand, which is rare for other apps.</li>
<li>GMV (Gross Merchandise Value) of the live broadcasting sales increased rapidly by 29% YoY in 4Q23.</li>
</ul>


Operating profit and its margin reached historical high in 4Q23.
Monthly active user base continued to expand, which is rare for other apps.
GMV (Gross Merchandise Value) of the live broadcasting sales increased rapidly by 29% YoY in 4Q23.


KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

<ul>
<li>We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024.</li>
<li>We also believe KS will see historical high operating profit in 4Q23 and the year 2023.</li>
<li>We conclude that KS has an upside of 92% and a price target of HK$90. Buy.</li>
</ul>


We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024.
We also believe KS will see historical high operating profit in 4Q23 and the year 2023.
We conclude that KS has an upside of 92% and a price target of HK$90. Buy.


KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>We expect Kuaishou to report C4Q23 revenue, IFRS op. profit and IFRS net income in-line, 34% and 29% vs. consensus, thanks to margin improvements;</li>
<li>Playlet continued to generate significant organic traffic, leading to decreasing sales marketing cost and growth in advertising inventories. We further expect AI to drive playlet market expansions;</li>
<li>E-Commerce GMV growth was robust. Kuaishou will likely increase take rate in the future. We maintain BUY and raise TP to HK$79, implying an 17x PE.</li>
</ul>


We expect Kuaishou to report C4Q23 revenue, IFRS op. profit and IFRS net income in-line, 34% and 29% vs. consensus, thanks to margin improvements;
Playlet continued to generate significant organic traffic, leading to decreasing sales marketing cost and growth in advertising inventories. We further expect AI to drive playlet market expansions;
E-Commerce GMV growth was robust. Kuaishou will likely increase take rate in the future. We maintain BUY and raise TP to HK$79, implying an 17x PE.


[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

<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

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) - 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

KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

Operating profit hit historical high. Monthly active user base continued to expand. GMV (Gross Merchandise Value) of the live broadcasting sales...

Ming Lu

KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024. KS will see historical high operating profit. We conclude that KS has an...

Ming Lu

[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

Kuaishou's revenue and profits are expected to meet expectations, thanks to improved margins. The company's playlet and e-commerce businesses are...

Blue Lotus Research Institute

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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52-week Range

Market Cap (USDm)

P/E

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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

KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

Operating profit hit historical high. Monthly active user base continued to expand. GMV (Gross Merchandise Value) of the live broadcasting sales...

Ming Lu

KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024. KS will see historical high operating profit. We conclude that KS has an...

Ming Lu

[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

​Kuaishou's revenue and profits are expected to meet expectations, thanks to improved margins. The company's playlet and e-commerce businesses are...

Blue Lotus Research Institute

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

Kuaishou's revenue and profits are expected to meet expectations, thanks to improved margins. The company's playlet and e-commerce businesses are...