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

Kuaishou (1024 HK): Expanding Market, Will See Higher Growth and Profit

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

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China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect that Kuaishou’s 4Q22 top line and bottom line would be 0.2%/3.7% vs cons, as major business lines are recovering with stimuli of CNY promotion campaigns. </li>
<li>However, we estimate that its 2023 top line/bottom line would miss cons. by (0.9%)/(14.2%) due to our concerns of increasing competition and internal restructuring.</li>
<li>Maintain SELL rating but raise TP to HK$ 56 to reflect on-track recovering trend as the macro improves. </li>
</ul>


We expect that Kuaishou’s 4Q22 top line and bottom line would be 0.2%/3.7% vs cons, as major business lines are recovering with stimuli of CNY promotion campaigns. 
However, we estimate that its 2023 top line/bottom line would miss cons. by (0.9%)/(14.2%) due to our concerns of increasing competition and internal restructuring.
Maintain SELL rating but raise TP to HK$ 56 to reflect on-track recovering trend as the macro improves. 


Kuaishou（1024.HK）4Q22 Preview: Competition and Restructure Are Pending Issues

Kuaishou Technology

Kuaishou（1024.HK）4Q22 Preview: Competition and Restructure Are Pending Issues