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

[Kuaishou (1024 HK, BUY, TP HK$79) TP Change]: Robust Organic Traffic Supports Robust Growth

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

Equity Bottom-Up

<ul>
<li>Kuaishou reported C1Q24 revenue, IFRS OP, and IFRS Net income inline, 58%, and 78% vs. our estimates; and inline, 67% and 86% vs. consensus</li>
<li>Company suggested contribution of Generative AI (GAI) to the growth of the advertising business to be substantial;</li>
<li>We reiterate our BUY rating and raised target price to HK$83, implying 17x PE in 2025.</li>
</ul>


Kuaishou reported C1Q24 revenue, IFRS OP, and IFRS Net income inline, 58%, and 78% vs. our estimates; and inline, 67% and 86% vs. consensus
Company suggested contribution of Generative AI (GAI) to the growth of the advertising business to be substantial;
We reiterate our BUY rating and raised target price to HK$83, implying 17x PE in 2025.


[Kuaishou (1024 HK, BUY, TP HK$83) Target Price Change]: Out-Performance in Off-Season Thanks to GAI

Kuaishou Technology

[Kuaishou (1024 HK, BUY, TP HK$83) Target Price Change]: Out-Performance in Off-Season Thanks to GAI