Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

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

Equity Bottom-Up

<ul>
<li>Kuaishou reported C4Q23 revenue, IFRS OP, and IFRS net income in line, 31%, and 51% vs.  our estimates; and in line, 43%, and 67% vs. consensus.</li>
<li>The significant profit beat was mainly due to the rich content supply on the platform that led to organic traffic influx, resulted in marketing costs reductions. </li>
<li>We raised our TP by HK$2 to HK$81, implies 20X PE, vs. current trading at 13X PE for 2025.</li>
</ul>


Kuaishou reported C4Q23 revenue, IFRS OP, and IFRS net income in line, 31%, and 51% vs.  our estimates; and in line, 43%, and 67% vs. consensus.
The significant profit beat was mainly due to the rich content supply on the platform that led to organic traffic influx, resulted in marketing costs reductions. 
We raised our TP by HK$2 to HK$81, implies 20X PE, vs. current trading at 13X PE for 2025.


[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Operating profit and its margin reached historical high in 4Q23.</li>
<li>Monthly active user base continued to expand, which is rare for other apps.</li>
<li>GMV (Gross Merchandise Value) of the live broadcasting sales increased rapidly by 29% YoY in 4Q23.</li>
</ul>


Operating profit and its margin reached historical high in 4Q23.
Monthly active user base continued to expand, which is rare for other apps.
GMV (Gross Merchandise Value) of the live broadcasting sales increased rapidly by 29% YoY in 4Q23.


KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

<ul>
<li>We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024.</li>
<li>We also believe KS will see historical high operating profit in 4Q23 and the year 2023.</li>
<li>We conclude that KS has an upside of 92% and a price target of HK$90. Buy.</li>
</ul>


We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024.
We also believe KS will see historical high operating profit in 4Q23 and the year 2023.
We conclude that KS has an upside of 92% and a price target of HK$90. Buy.


KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in June 2024.</li>
<li>The index changes for the June 2024 index rebal will be announced on 17th May 2024.</li>
<li>The HSI selection process is highly subjective and does not follow clear-cut rules. This insight is simply an attempt to provide readers with an overall understanding of the possible scenarios.</li>
</ul>


In this insight, we take a look at a group of names with reasonably high likelihood of being involved in index changes for the Hang Seng Index in June 2024.
The index changes for the June 2024 index rebal will be announced on 17th May 2024.
The HSI selection process is highly subjective and does not follow clear-cut rules. This insight is simply an attempt to provide readers with an overall understanding of the possible scenarios.


Quiddity Leaderboard for Hang Seng Index Jun 24: Could Country Garden Services Get Deleted?

<ul>
<li>The new energy vehicle producers’ ranks changed a lot in April.</li>
<li>GAC began to sell batteries to outside new energy vehicle producers.</li>
<li>Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.</li>
</ul>


The new energy vehicle producers’ ranks changed a lot in April.
GAC began to sell batteries to outside new energy vehicle producers.
Kuaishou’s GMV (Gross Merchandise Value) increased by 420% YoY during the Labor Day.


China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

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, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic

Kuaishou beats revenue and profit estimates in Q4 due to organic traffic growth and reduced marketing costs, leading to a raised price target of...

Blue Lotus Research Institute

KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

Operating profit hit historical high. Monthly active user base continued to expand. GMV (Gross Merchandise Value) of the live broadcasting sales...

Ming Lu

KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024. KS will see historical high operating profit. We conclude that KS has an...

Ming Lu

Quiddity Leaderboard for Hang Seng Index Jun 24: Could Country Garden Services Get Deleted?

The June 2024 index changes for the Hang Seng Index could be confirmed on 17th May 2024. The Inclusion/Exclusion events can be expected at the...

Janaghan Jeyakumar, CFA

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

The NEV producers’ ranks changed a lot in April. GAC began to sell batteries to outside new energy vehicle producers. Kuaishou’s GMV increased by...

Ming Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Kuaishou (1024 HK, BUY, TP HK$81) TP Change]: Prime Beneficiary of Playlet Induced Traffic

​Kuaishou beats revenue and profit estimates in Q4 due to organic traffic growth and reduced marketing costs, leading to a raised price target of...

Blue Lotus Research Institute

KS / Kuaishou (1024 HK): 4Q23, Historical High Operating Profit

Operating profit hit historical high. Monthly active user base continued to expand. GMV (Gross Merchandise Value) of the live broadcasting sales...

Ming Lu

KS (1024 HK) 4Q23 Earnings Preview: Will See Historical Profit

We believe total revenue will increase by 17% YoY in 4Q23 and 15% in 2024. KS will see historical high operating profit. We conclude that KS has an...

Ming Lu

Quiddity Leaderboard for Hang Seng Index Jun 24: Could Country Garden Services Get Deleted?

The June 2024 index changes for the Hang Seng Index could be confirmed on 17th May 2024. The Inclusion/Exclusion events can be expected at the...

Janaghan Jeyakumar, CFA

China Consumption Weekly (13 May 2024): Guangzhou Auto, NIO, CALT, Kuaishou, Trip.com, Seres

The NEV producers’ ranks changed a lot in April. GAC began to sell batteries to outside new energy vehicle producers. Kuaishou’s GMV increased by...

Ming Lu

Kuaishou beats revenue and profit estimates in Q4 due to organic traffic growth and reduced marketing costs, leading to a raised price target of...