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As of nine months ended Sep 2020, it had 305m daily active users (DAUs), who spent 86 mins on average on the app every day. It also had 769m monthly active users (MAUs) and total e-commerce GMV of RMB204.1bn. On an average 1.1bn short videos were uploaded on its app during 1H20.
As per iResearch, Kuaishou was globally the largest live streaming platform by gross billings from virtual gifting and average live streaming MPUs, the second largest short video platform by average DAUs, and the second largest live streaming e-commerce platform by GMV, over six months ended June 30, 2020.
I have covered various aspects of the company’s performance in my previous notes, Kuaishou Technology Pre-IPO - Hot segment, fast growth but still leaves a lot of doubts, Kuaishou Technology Pre-IPO - Peer comparison and thoughts on valuation, and Kuaishou Technology Pre-IPO - PHIP updates - User growth has been slowing down post COVID. In this note, I’ll talk about the updated earnings forecast and valuation, along with index implications from the listing.
Kuaishou Technology Pre-IPO
Kuaishou Technology (KT) is a content community and social platform that is looking to raise around US$5bn in its Hong Kong IPO. The company is backed by Tencent, Sequoia China, Baidu, DST Global, Boyu Capital, Temasek and others.As of nine months ended Sep 2020, it had 305m daily active users (DAUs), who spent 86 mins on average on the app every day. It also had 769m monthly active users (MAUs) and total e-commerce GMV of RMB204.1bn. On an average 1.1bn short videos were uploaded on its app during 1H20.
As per iResearch, Kuaishou was globally the largest live streaming platform by gross billings from virtual gifting and average live streaming MPUs, the second largest short video platform by average DAUs, and the second largest live streaming e-commerce platform by GMV, over six months ended June 30, 2020.
I have covered various aspects of the company’s performance in my previous notes, Kuaishou Technology Pre-IPO - Hot segment, fast growth but still leaves a lot of doubts, Kuaishou Technology Pre-IPO - Peer comparison and thoughts on valuation, and Kuaishou Technology Pre-IPO - PHIP updates - User growth has been slowing down post COVID. In this note, I’ll talk about the updated earnings forecast and valuation, along with index implications from the listing.
Underlyings
BEIJING KUAISHOU TECHNOLOGY
TENCENT 700 HK
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Sumeet Singh
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