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): Why Did the Market React Mutedly to Its Strong Profit Alert?

[Kuaishou (1024 HK, SELL, TP HK$50) Earnings Review]: Fair Numbers Hide Risks

[Kuaishou (1024 HK, BUY, TP HK$78) TP Change]: Refined Operation Supports Sustainable Growth

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

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

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

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We expect Kuaishou to report C2Q23 revenue and non-IFRS net income that are in-line and 27% vs consensus, respectively.</li>
<li>We slightly cut our revenue forecast for live streaming but increased our revenue forecast for online ads. Kuaishou's margin beat is mainly due to efficient cost control, especially in overseas.</li>
<li>Kuaishou still has several minor positive catalysts, but WeChat Video Accounts is the major short thesis in the long run. We raise EPS forecasts, but maintain SELL.</li>
</ul>


We expect Kuaishou to report C2Q23 revenue and non-IFRS net income that are in-line and 27% vs consensus, respectively.
We slightly cut our revenue forecast for live streaming but increased our revenue forecast for online ads. Kuaishou's margin beat is mainly due to efficient cost control, especially in overseas.
Kuaishou still has several minor positive catalysts, but WeChat Video Accounts is the major short thesis in the long run. We raise EPS forecasts, but maintain SELL.


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

Kuaishou Technology

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