External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).</li><li>By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.</li><li>Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate of 8.7%).By segment, we expect GMV/other rev to rise 30% (in line)/35% YoY, attributable to strong 11.11 promotions and ramp-up of the pan shelf-based mall.Ads revenue is likely to see +20% YoY growth (in line), driven by robust internal ads and recovery of external ads (double-digit growth YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

<ul><li>As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23.</li><li>Looking into 4Q23E, we expect the resilient momentum to continue.</li><li>We forecast 4Q23E rev +15% YoY (largely in line), and bottom line at RMB2.8bn (9% above consensus). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23.Looking into 4Q23E, we expect the resilient momentum to continue.We forecast 4Q23E rev +15% YoY (largely in line), and bottom line at RMB2.8bn (9% above consensus). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Upbeat Margin to Continue

<ul><li>We expect Kuaishou (KS) to deliver in-line rev (+20% YoY) and upbeat profit (16% above consensus) in 3Q23E.</li><li>By segment, ecommerce GMV/rev would see +30%/+35% YoY growth, attributable to extensive brand participation and product offerings through the Stream Initiative.</li><li>KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect Kuaishou (KS) to deliver in-line rev (+20% YoY) and upbeat profit (16% above consensus) in 3Q23E.By segment, ecommerce GMV/rev would see +30%/+35% YoY growth, attributable to extensive brand participation and product offerings through the Stream Initiative.KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Expecting Another Upbeat Quarter

<ul><li>Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above consensus).</li><li>Looking into 3Q23E, we expect KS to deliver resilient ads and ecommerce, with decent profitability.</li><li>Despite challenging macro and competition, we are confident on KS’s ecommerce share gain, with GMV/rev +30%/36% YoY in 3Q23E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above consensus).Looking into 3Q23E, we expect KS to deliver resilient ads and ecommerce, with decent profitability.Despite challenging macro and competition, we are confident on KS’s ecommerce share gain, with GMV/rev +30%/36% YoY in 3Q23E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou (1024 HK) – Better Margin Outlook with Strong Ecommerce

<ul><li>Kuaishou would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn).</li><li>Given eye-catching 618 sales, KS ecommerce is expected to outperform with GMV/rev +34%/55% YoY (vs. prior +30%/50%).</li><li>We expect further ecommerce upside from shelf-based mall and higher traffic efficiency with Chuanliu Plan and upgraded ecosystem. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kuaishou would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn).Given eye-catching 618 sales, KS ecommerce is expected to outperform with GMV/rev +34%/55% YoY (vs. prior +30%/50%).We expect further ecommerce upside from shelf-based mall and higher traffic efficiency with Chuanliu Plan and upgraded ecosystem. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

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

China

Kuaishou Technology is a Chinese publicly traded company that operates a leading content community and social platform. It primarily offers short video sharing, live streaming, online marketing services, and e-commerce. The company was founded in March 2011 and is headquartered in Beijing, China.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate...

CMB International

Kuaishou (1024 HK) – Upbeat Margin to Continue

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23. Looking into 4Q23E, we expect the resilient momentum...

CMB International

Kuaishou (1024 HK) – Expecting Another Upbeat Quarter

KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside.

CMB International

Kuaishou (1024 HK) – Better Margin Outlook with Strong Ecommerce

Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above...

CMB International

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52-week Range

Market Cap (USDm)

P/E

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Kuaishou (1024 HK) – Resilient 4Q23E with Better Margin Outlook

We expect Kuaishou (KS) to deliver solid 4Q23E results, with revenue +15% YoY (in line with our estimate) and adj. NPM at 10.7% (vs. prior estimate...

CMB International

Kuaishou (1024 HK) – Upbeat Margin to Continue

As stated in our preview notes, Kuaishou (KS) delivered upbeat margins and inline rev in 3Q23. Looking into 4Q23E, we expect the resilient momentum...

CMB International

Kuaishou (1024 HK) – Expecting Another Upbeat Quarter

KS will open Level I access of shelf-based mall to active merchants in 11.11, to further support standard products growth and unlock MAC upside.

CMB International

Kuaishou (1024 HK) – Better Margin Outlook with Strong Ecommerce

Kuaishou’s 2Q23 results beat on already-high expectation, with stronger topline (+28% YoY, 2% above consensus) and bottom line (RMB2.7bn, 88% above...

CMB International

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

Kuaishou would deliver another upbeat results in 2Q23E, with stronger topline (+26% YoY) and bottom line (RMB1.4bn). Given eye-catching 618 sales,...

CMB International