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BofAS Lifts KUAISHOU-W (01024.HK) TP to $80; Growth Outlook Positive
BofA Securities increased the target price for KUAISHOU-W (01024.HK) from $76 to $80 and reiterated its Buy rating in a research report.BofAS forecasted that KUAISHOU has a good gr...
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BofAS Lifts KUAISHOU-W (01024.HK) TP to $80; Growth Outlook Positive
Recommend
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Positive
56
Negative
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BofA Securities increased the target price for KUAISHOU-W (01024.HK)  +1.100 (+1.803%)    Short selling $139.69M; Ratio 29.385%   from $76 to $80 and reiterated its Buy rating in a research report.

BofAS forecasted that KUAISHOU has a good growth outlook, with its 1Q23 results beating expectations. The e-commerce business continues to be the main driver of internal advertising and e-commerce-related monetization, while e-commerce paid user penetration reached 15% in 1Q23, compared to 14% in 1Q22. The company also started charging commissions on KoL distribution in 1Q, providing an additional e-commerce revenue stream. The broker maintained its forecast of 29% YoY growth in e-commerce transactions this year, and raised its e-commerce/other revenue growth forecast to 42% from 37%.

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In terms of advertising, BofAS commented that KUAISHOU recorded strong internal advertising growth in 1Q23, and estimated that the recovery in the gaming/education/fintech/offline verticals should drive gradual growth in external advertising starting from 2Q23. As a result, the broker slightly increased the YoY growth of the company's advertising revenue to 20% from the original estimate of 18%.

For the live streaming business, BofAS believed that KUAISHOU will continue to benefit from high traffic support and deeper cooperation with agencies, raising its streaming revenue forecast to growing 17% YoY this year from the original 10%.

BofAS lifted its revenue forecast for KUAISHOU in 2023 from 17% to 21%, as well as that of 2024 from 10% to 12%. The broker believed that the gross margin of the company's major businesses will remain solid, and better control of operating expenses and higher revenue growth may help drive further earnings growth. The broker also raised its EPS forecast for next year by 9%.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2023-09-27 12:25.)

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