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)

Equity Bottom-Up

<ul><li>Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.</li><li>Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.</li><li>As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUY</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 reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUYContent 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) - Inline 3Q24 Results; Resilient Core Commercial Business

Kuaishou Technology

Kuaishou (1024 HK) - Inline 3Q24 Results; Resilient Core Commercial Business