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

[Kuaishou (1024 HK, BUY, TP HK$70) TP Change]: C4Q24 Review: Temporary Setback a Chance to Buy

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>Kuaishou (KS) reported C1Q25 rev., non-IFRS op. profit, and IFRS net income in line, in line, and 5.9% vs. our est.; </li>
<li>We see both BILI and KS as mid-sized platforms with more flexibility to grow both domestically and internationally, by monetization and technology;</li>
<li>We raised our TP from HK$70 to HK$73 to reflect better outlook in entertainment live streaming and Kling-AI related revenue. Traded at cheap valuation, </li>
</ul>


Kuaishou (KS) reported C1Q25 rev., non-IFRS op. profit, and IFRS net income in line, in line, and 5.9% vs. our est.; 
We see both BILI and KS as mid-sized platforms with more flexibility to grow both domestically and internationally, by monetization and technology;
We raised our TP from HK$70 to HK$73 to reflect better outlook in entertainment live streaming and Kling-AI related revenue. Traded at cheap valuation, 


[Kuaishou (1024 HK, BUY, TP HK$73) TP Change]: C1Q25 Review: Mid-Sized Has Better Chance to Grow

Kuaishou Technology

[Kuaishou (1024 HK, BUY, TP HK$73) TP Change]: C1Q25 Review: Mid-Sized Has Better Chance to Grow