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<Research>BofAS Increases TP of KUAISHOU-W (01024.HK) to $78; Biz Growth On Track
Recommend 11 Positive 25 Negative 3 |
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BofA Securities commented in a report that KUAISHOU-W (01024.HK) has delivered another satisfactory result, with business growth on track, strong profit growth and a promising outlook. The company also announced a new share buyback programme. The broker said the outlook for growth in KUAISHOU's business remained positive despite some market noise about weakening momentum in gross merchandise revenue (GMV), mainly due to favourable momentum from the 618 shopping festival and the expanding e-commerce shopping scenarios. KUAISHOU shared that ad pricing is improving while ad loads stabilised in 1Q24. Meanwhile, efficiency gains through a portfolio shift to higher-margin e-commerce and advertising businesses, as well as control of operating costs, will continue to drive profit growth. Overall, BofAS maintained its forecast of 25% YoY growth in GMV for 2Q and full-year 2024, while raising its adjusted net profit forecasts for FY24 and FY25 by 7% and 2% respectively. The broker added KUAISHOU's target price from $75 to $78, and reiterated its Buy rating due to a solid profit trend. AAStocks Financial News |
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