New Street: Kuaishou 3Q21 Results - Ad Demand Could be Challenged Heading into FY22

What's new: Kuaishou reported 3Q21 results were above consensus and our expectations driven by resiliency in ads amid macro backdrops. While advertising could face near-term macro and regulatory headwinds, operating losses is expected to further narrow driven by continued efficiency in S&M spending. We maintain our PT at HKD 122.

Jin Yoon

New Street Research
New Street Research

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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

  • Pan European Telecom Services and Cable
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  • Pan European Telecom Services and Cable

Jin Yoon

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