In today’s briefing:
- [Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth
[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth
- 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.
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