Kuaishou 3Q23 Results: Upside in Margins
What's new: Kuaishou’s reported 3Q23 results were above consensus and our expectations driven by resiliency in ads. User traffic could remain healthy where DAU could grow by low-single digit YoY, while average daily time spent could remain above 120 mins in 4Q. Margins could see further upside partly driven by better efficiency in marketing spending and continued cost controls. We maintain our PT at HKD 95.Analysts:
Jin Yoon
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