External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

[Kuaishou (1024 HK) Target Price Change]: Video Account Continues to Be the Threat

[Kuaishou (1024 HK, SELL, TP HK$45) Target Price Change]: Competition Intensifies from Major Players

[Kuaishou (1024 HK) Target Price Change]: Solid Monetization Amid Decelerated User Growth

Equity Bottom-Up

<ul><li>Kuaishou delivered upbeat 4Q22, with stronger ads &amp; livestreaming and better margin.</li><li>Looking ahead, we are confident on KS’s ads recovery, as well as share gain in ecommerce and livestreaming.</li><li>After the current price correction, it would be a good time to accumulate, given: 1) resilient 1Q23E guidance (forecasting rev +15% YoY), with decent ads and livestreaming; 2) external ads demand to recover in 2Q23E; and 3) group breakeven in sight.</li></ul><p><em>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.</em></p>

Kuaishou delivered upbeat 4Q22, with stronger ads &amp; livestreaming and better margin.Looking ahead, we are confident on KS’s ads recovery, as well as share gain in ecommerce and livestreaming.After the current price correction, it would be a good time to accumulate, given: 1) resilient 1Q23E guidance (forecasting rev +15% YoY), with decent ads and livestreaming; 2) external ads demand to recover in 2Q23E; and 3) group breakeven in sight.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) – A solid start into 2023E

Kuaishou Technology

Kuaishou (1024 HK) – A solid start into 2023E