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) Target Price Change]: Solid Monetization Amid Decelerated User Growth

[Kuaishou (1024 HK, SELL, TP HK$50) Preview]: Monetization Is On-Track Amid Competitive Pressure

Kuaishou (1024 HK): Why Did the Market React Mutedly to Its Strong Profit Alert?

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

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

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect that Kuaishou’s 1Q23/2023 top line would be basically in line vs cons, as major business lines are recovering as macro rebounds. </li>
<li>However, we estimate that its 1Q23/2023 bottom line would still largely miss cons by (36%)/(39%), due to our concerns of increasing competition from WeChat Video Account and Douyin.</li>
<li>Maintain SELL rating and cut TP to HK$ 45 to reflect intensifying competition landscape. Our TP implies 1.8X PS/221X PE in 2023.  </li>
</ul>


We expect that Kuaishou’s 1Q23/2023 top line would be basically in line vs cons, as major business lines are recovering as macro rebounds. 
However, we estimate that its 1Q23/2023 bottom line would still largely miss cons by (36%)/(39%), due to our concerns of increasing competition from WeChat Video Account and Douyin.
Maintain SELL rating and cut TP to HK$ 45 to reflect intensifying competition landscape. Our TP implies 1.8X PS/221X PE in 2023.  


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

Kuaishou Technology

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