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$45) Target Price Change]: Competition Intensifies from Major Players

[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) – A solid start into 2023E

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Kuaishou’s 4Q22 top line beat our est. by 3.9%, and non-IFRS net income was higher than our est. by 85% due to cost-saving measures.  </li>
<li>We raise forecasts for its ads and eCommerce growth due to on-track macro recovery. However, we are still concerned about the intensified competition from WeChat Video Account.</li>
<li>Maintain SELL for competition scenario, but slightly raise TP to HK$ 58 to reflect macro recovery. Our TP implies 2.1X PS/239X PE in 2023.</li>
</ul>


Kuaishou’s 4Q22 top line beat our est. by 3.9%, and non-IFRS net income was higher than our est. by 85% due to cost-saving measures.  
We raise forecasts for its ads and eCommerce growth due to on-track macro recovery. However, we are still concerned about the intensified competition from WeChat Video Account.
Maintain SELL for competition scenario, but slightly raise TP to HK$ 58 to reflect macro recovery. Our TP implies 2.1X PS/239X PE in 2023.


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

Kuaishou Technology

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