Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

Equity Analyst

Kuaishou: Livestreaming E-Commerce Expands and Losses to Narrow; Further Upside Seems Likely

GOGOX IPO: Overseas Business Maintains Growth but China Biz Under Pressure Due to Competition

Tencent: 4Q2021 Earnings to Soften with Decelerating Games Growth and Weak Ad Revenue

Kuaishou: Livestreaming Continues to Decelerate, Losses Widen; No Disclosure on Paying User Numbers

TME: Earnings Growth Slowing Down; Entertainment Under Pressure Due to Regulation and Competition

Bilibili: Mobile Games Resumes Growth; Losses Widening in 3Q Is in Line with Peers

Tencent: Earnings Weakness Beginning to Show Up

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Kuaishou Technology / Equity Capital Markets

<ul>
<li>Kuaishou’s 3Q2021 revenues grew 33.4% YoY to RMB20.5bn (vs consensus RMB20bn) while operating losses for the quarter widened to 36.1% of revenues vs 9.0% in 3Q2020.</li>
<li>Live streaming revenues for the quarter decreased 3.0% YoY to RMB7.7bn, however, it has increased 7.4% sequentially after seeing QoQ declines over the last 6 quarters.</li>
<li>Online marketing services reported another quarter of strong growth with revenues increasing 76.5% YoY to RMB11.0bn. However, we have observed that the growth is decelerating.</li>
</ul>


Kuaishou’s 3Q2021 revenues grew 33.4% YoY to RMB20.5bn (vs consensus RMB20bn) while operating losses for the quarter widened to 36.1% of revenues vs 9.0% in 3Q2020.
Live streaming revenues for the quarter decreased 3.0% YoY to RMB7.7bn, however, it has increased 7.4% sequentially after seeing QoQ declines over the last 6 quarters.
Online marketing services reported another quarter of strong growth with revenues increasing 76.5% YoY to RMB11.0bn. However, we have observed that the growth is decelerating.


快手2021年第3四半期：ARPPUとユーザー数の増加はライブストリーミング収益の回復を示唆