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’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

Thematic (Sector/Industry)

<ul><li>Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.</li><li>Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.</li><li>We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. </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.

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.Jun would be good timing to accumulate some defensive &amp; undervalued names over a 12-month horizon, as we expect sector sentiment will be moderately boosted by: 1) 2Q23E acceleration with low base; 2) upcoming strong drama &amp; game pipeline in summer holiday; 3) solid performance for 618 promotions;; and 4) potential positive economic incentives.We prefer SFV&amp;LFV and game subsectors, for resilience on macro uncertainty, stable competition landscape, and better margin outlook with solid growth. 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.

China Entertainment – Embracing rich pipeline and sector mild re-rating

<ul><li>China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.</li><li>Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.</li><li>However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. </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.

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery.Total ad spend returned to positive growth of 15% YoY in April 2023, per CTR.However, overall ad spend has yet to recover to the 2021 level, with ad spending in Apr 2023 only reached 92% of the ad spend level in Apr 2021. 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.

China Internet – 2Q23 online advertising: recovery in cautious mode

<ul><li>Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.</li><li>We are more bullish on its 2Q23E momentum (forecasting rev +25% YoY), supported by: 1) resilient livestreaming to continue; 2) ads acceleration with external ads resuming growth; and 3) ecommerce share gain with higher take rate (GMV/rev +30%/50% YoY).</li><li>After recent price corrections for weak market sentiment, we suggest to buy on dips, for its stronger LS &amp; ecommerce and better margin outlook. </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 delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.We are more bullish on its 2Q23E momentum (forecasting rev +25% YoY), supported by: 1) resilient livestreaming to continue; 2) ads acceleration with external ads resuming growth; and 3) ecommerce share gain with higher take rate (GMV/rev +30%/50% YoY).After recent price corrections for weak market sentiment, we suggest to buy on dips, for its stronger LS &amp; ecommerce and better margin outlook. 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) – More Bullish on 2Q23E Momentum

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) – 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

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

Kuaishou (1024 HK) – More Bullish on 2Q23E Momentum

Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

China Entertainment – Embracing rich pipeline and sector mild re-rating

Although geographical tension and macro challenges are yet over, we believe most worst-case scenarios have been priced in.

CMB International

China Internet – 2Q23 online advertising: recovery in cautious mode

China’s total ad spending saw YoY recovery in 2Q23, due to both low base in 2Q22 and consumption recovery. Total ad spend returned to positive...

CMB International

Kuaishou (1024 HK) – More Bullish on 2Q23E Momentum

Kuaishou delivered another eye-catching results, with upbeat topline (+20% YoY, 3% above consensus) and first-time group breakeven.

CMB International