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<Research>Nomura Cuts KUAISHOU-W's TP to HKD77; 4Q Guidance Shy of Forecasts
Recommend 7 Positive 13 Negative 5 |
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According to Nomura's research report, KUAISHOU-W (01024.HK)'s 3Q25 revenue grew by 14% YoY, 1% above both the broker's and the market's expectations. Driven by an increase in operating profit margin to 15%, KUAISHOU-W's non-IFRS net profit climbed by 26% YoY to RMB5 billion, exceeding market expectations by 3%. A YoY growth of 14% in advertising revenue was roughly in line with Nomura's expectations, while a YoY surge of 41% in other revenue was 3% above the broker's forecasts. Of which, Kling AI generated over RMB300 million in revenue, continuing to grow from RMB250 million in the previous quarter, meeting the broker's projections. However, KUAISHOU-W's guidance for a 10% YoY growth in 4Q25 revenue was below the market expectation of 12%, possibly due to a more conservative outlook on e-commerce commission revenue. Nomura lowered its target price for KUAISHOU-W from HKD90 to HKD77 and kept the Buy rating unchanged. AAStocks Financial News |
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