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, 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, SELL, TP HK$50) Earnings Review]: Fair Numbers Hide Risks

[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

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

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Kuaishou reported 1Q23 top-line 4% vs. our est., and non-IFRS net profit of RMB 42mn vs. our est. of RMB (688mn); </li>
<li>We raise 2023 live-streaming/ads/ecommerce revenue growth from 12%/ 17%/26% YoY to 18%/20%/43% YoY, and non-IFRS net income from RMB 860mn to RMB 3.89bn due to a series of monetization methods; </li>
<li>We maintain SELL due to the competitive pressure of Douyin and WeChat Video Account, reflected by decelerated user growth and time spent.  </li>
</ul>


Kuaishou reported 1Q23 top-line 4% vs. our est., and non-IFRS net profit of RMB 42mn vs. our est. of RMB (688mn); 
We raise 2023 live-streaming/ads/ecommerce revenue growth from 12%/ 17%/26% YoY to 18%/20%/43% YoY, and non-IFRS net income from RMB 860mn to RMB 3.89bn due to a series of monetization methods; 
We maintain SELL due to the competitive pressure of Douyin and WeChat Video Account, reflected by decelerated user growth and time spent.  


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

Kuaishou Technology

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