Kuaishou 3Q24 Results: Near-Term Traffic Support Could Impact OMS
What’s new: Kuaishou’s reported 3Q24 revs that were largely in-line with consensus and our expectations. OMS could decelerate in 4Q partly due to impact on closed-loop ads as Kuaishou continue to provide merchant traffic support during the major promotion event. Kuaishou would also continue to invest in subsidies related to short plays, e-commerce and local services in 4Q. We lower our PT from HKD70 to HKD60 on lowered outlook. Our updated PT of HKD60 implies 11.8x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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