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<Research>UBS Raises KUAISHOU-W (01024.HK) TP to HKD70; 1Q26 Results In Line
Recommend 18 Positive 31 Negative 7 |
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KUAISHOU-W (01024.HK)'s results for 1Q26 were in line, with the commercialization performance of Kling emerging as a key highlight, UBS said in its report. Kling's revenue for 1Q26 accelerated to over 90% QoQ growth, reaching more than RMB650 million, topping both the broker's and market's expectations. In addition, Kling AI's ARR approached USD500 million in March, representing YoY growth of more than 4x. Despite the impact of macro headwinds, the broker expected KUAISHOU-W's core business outlook for 2Q26 to remain bleak. However, management upheld a positive stance on Kling's commercialization, and the recent improvement in ARR is encouraging. As a result, UBS raised its revenue forecast for Kling in 2Q26 to RMB840 million. In light of a slightly more conservative outlook on revenue and margins, UBS trimmed its 2026 adjusted net profit forecast for KUAISHOU-W by 3%. Nevertheless, given the valuation uplift of Kling, the broker raised its TP for KUAISHOU-W from HKD68 to HKD70, and maintained a Buy rating. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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