New Street Research - BEIJING KUAISHOU TECHNOLOGY (1496219D) New Street: Kuaishou 4Q21 Preview

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New Street Research

Jin Yoon

New Street: Kuaishou 4Q21 Preview

What’s New: In this note, we discuss about the latest updates on the business including financial outlook, online marketing services, live streaming, and e-commerce.

Analysts:
Jin Yoon

18/01/2022 1 EN

Underlying

BEIJING KUAISHOU TECHNOLOGY

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New Street Research

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Analysts

Jin Yoon

Other Reports on these Companies

New Street Research

Kuaishou 4Q23 Results: Margins to Further Improve in 2024

What’s new: Kuaishou’s reported 4Q23 revs were largely in-line with consensus and our expectations. User traffic could remain healthy as Kuaishou could reach 400mn DAU by 2H24. Margins could also continue to see upside partly driven by better rev mix and improved efficiency in marketing spending. We maintain our PT at HKD95. Analysts: Jin Yoon

March 21, 2024 March 21, 2024 1 EN

New Street Research

Kuaishou 4Q23 Preview: Further Upside in Margins

What’s New: We nudge down our 4Q total revenues partly due to slowdown in gaming (recognized in other revenues), but up our margin estimates amid continued optimization in revenue sharing fees, server + bandwidth, and S&M related costs. In this note, we discuss about the latest updates on the business including financial outlook and user trends in 4Q. Analysts: Jin Yoon

January 19, 2024 January 19, 2024 1 EN

New Street Research

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

November 22, 2023 November 22, 2023 1 EN

AT&T Model Update

What's new: This note covers changes to the model after results. We increased postpaid phone adds, FWA adds, Consolidated EBITDA, and FCF slightly. We also lowered fiber adds slightly. Consensus EBITDA likely increases, with a more valuable business mix. No change to thesis. Neutral: $21 (+30% total return).

EUR 9341.00

1h / 30m 1h / 30m 1 EN

Jonathan Chaplin

Jonathan Chaplin

AT&T: quick thoughts following the call

What’s new: we start with a diatribe focused on the improving quality of the business, of management’s decisions, and of disclosure (with small suggestions for further improvements). We then touch on AT&T’s FWA strategy and its implications for others, the impact of Gigapower on fiber trends and the prospect of seeing other Broadband companies pursuing a similar strategy, what we learned about broadband market growth (which is less than we had hoped), what we learned about wireless market growth, unpacking FCF, and thoughts on sector valuation and our preferences.

EUR 9341.00

3h / 4m 3h / 4m 1 EN

Russell Waller

Russell Waller

KPN (Neutral, TP: €3.8, +12%) Q1 24: Solid results; low volumes not currently an issue

KPN has reported a solid set of numbers with SR and EBITDaL in-line with expectations, and good trends at the key segments. Guidance has been reiterated. KPN SR growth continues to be impressive supported by price increases.

EUR 9341.00

9h / 8m 9h / 8m 1 EN

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New Street: Kuaishou 4Q21 Preview

Kuaishou 4Q23 Results: Margins to Further Improve in 2024

Kuaishou 4Q23 Preview: Further Upside in Margins

Kuaishou 3Q23 Results: Upside in Margins

AT&T Model Update

AT&T: quick thoughts following the call

KPN (Neutral, TP: €3.8, +12%) Q1 24: Solid results; low volumes not currently an issue

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