Greater China Equity Long/Short Analyst

Eric Chen

With a blend of sell-side and buy-side perspectives, Eric has covered and researched hundreds of Greater China equities in TMT and consumer spaces - two sectors woven together by the overarching thesis of technology empowering consumption. 

Eric is highly experienced in fundamental equity long short strategy. He seeks to produce differentiated and original research that combines holistic qualitative framework, unique angles and robust modelling. The process helps gain deep insights into critical value drivers misunderstood by the market, which results in mis-priced stocks and hence long/short opportunities.

[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, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

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

Kuaishou (1024 HK) – Share gain to continue with earnings upside

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

Equity Bottom-Up

<ul>
<li>We believe that Kuaishou’s outsized bottom-line beat for 1H23 was driven by stronger advertising and e-commerce business and cost reduction than the street expected.</li>
<li>However, the market’s muted response suggests that investors are looking beyond 1H23 or even FY23 to price in a mature growth outlook.</li>
<li>Kuaishou is trading at ~40x our FY23 estimate against 24% earnings CAGR from 2023 to 2025 which represents a hefty valuation premium over other China tech giants.</li>
</ul>


We believe that Kuaishou’s outsized bottom-line beat for 1H23 was driven by stronger advertising and e-commerce business and cost reduction than the street expected.
However, the market’s muted response suggests that investors are looking beyond 1H23 or even FY23 to price in a mature growth outlook.
Kuaishou is trading at ~40x our FY23 estimate against 24% earnings CAGR from 2023 to 2025 which represents a hefty valuation premium over other China tech giants.


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

Kuaishou Technology

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