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>Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.</li><li>Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.</li><li>As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUY</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 reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net profit increased by 24% YoY to RMB3.95bn, also in line with consensus estimates.Average DAUs grew by 5% YoY to 408mn in 3Q24 on improved user stickiness, achieving Kuaishou’s medium DAUs target of 400mn. Looking into 4Q24E, we expect Kuaishou’s core commercial business revenue (online marketing &amp; other services) to maintain solid YoY growth of 16%, primarily driven by resilient growth of external marketing service revenue and e-commerce GMV.As Kuaishou stepped up investments in key growth initiatives such as e-commerce, short play and AI, we lower our FY25-26E earnings forecasts by 5-8%. We trim our SOTP-derived TP to HK$85.6 (previous: HK$92.0). Maintain BUYContent 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) - Inline 3Q24 Results; Resilient Core Commercial Business

Thematic (Sector/Industry)

<ul><li>We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.</li><li>We believe the market will continue to allocate to such names and value them fairly.</li><li>Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. </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 update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and profit growth visibility; 2) sustained profitability and willingness to lift shareholder returns; and 3) a sizeable TAM for new initiatives and business explorations likely to generate a decent ROIC.We believe the market will continue to allocate to such names and value them fairly.Taking into account 2Q results and recent stock performances, we find our previous view has been testified: better-than-expected earnings are not enough to drive a share rally, but better-than-expected 3Q/full-year outlook and enhanced shareholder return measures could provide key support. 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.

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

<ul><li>Kuaishou announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.</li><li>E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.</li><li>Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. </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 announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by 74% YoY to RMB4.7bn, 8% ahead of consensus estimate thanks to better-thanexpected cost optimization and opex control.E-commerce GMV growth (+15% YoY) in 2Q24 was slower than consensus expectation amid soft consumption sentiment and intense competition, and we expect the pressure to continue in 2H24E.Nonetheless, we remain upbeat on Kuaishou’s FY24 earnings growth outlook on its solid online marketing business and margin expansion. 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) - Intact Earnings Growth Outlook

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.</li><li>Pan shelf-based ecommerce performed well, with orders/paying users +65%/57% YoY.</li><li>We estimate its GMV share from pan shelf-based ecommerce to be &gt;25%, and 2Q24E ecommerce growth would be intact (forecasting GMV/other services revenue +25%/24% 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.

During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.Pan shelf-based ecommerce performed well, with orders/paying users +65%/57% YoY.We estimate its GMV share from pan shelf-based ecommerce to be &gt;25%, and 2Q24E ecommerce growth would be intact (forecasting GMV/other services revenue +25%/24% 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) - Shelf-Based Ecommerce Outperformed in 618

China

Kuaishou Technology operates as a content community and social platform. The Company helps users create, upload and watch short videos on mobile devices. Kuaishou Technology offers services worldwide.

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Kuaishou Technology (1024 HK)

Kuaishou (1024 HK) - Inline 3Q24 Results; Resilient Core Commercial Business

Kuaishou reported 3Q24 results: total revenue grew by 11% YoY to RMB31.1bn, in line with Bloomberg consensus estimates of RMB31.0bn; adjusted net...

CMB International

Internet - 2Q24 Recap & Stock-Picking Ideas: Seeking Certainty

We update our sector investment views for the next six months post earnings as follows: 1) Companies with solid fundamentals and high revenue and...

CMB International

Kuaishou (1024 HK) - Intact Earnings Growth Outlook

Kuaishou announced 2Q24 results: total revenue was up by 12% YoY to RMB31.0bn, largely in line with consensus estimate; adjusted net profit grew by...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Kuaishou (1024 HK) - Shelf-Based Ecommerce Outperformed in 618

During the 618 promotion of 2024, Kuaishou emphasized more on good products at low price, with simpler approach and extended period.

CMB International

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