reports
- Jin Yoon
Kuaishou 1Q25 Results: FY25 Outlook Remains Intact
What’s new: Kuaishou’s reported 1Q25 results that were largely in-line with consensus and our expectations. OMS could return to double-digit growth, while e-commerce GMV growth could remain resilient as Kuaishou continues to provide traffic support to high quality merchants. AI monetization could continue to progress well driven by a higher subscriber base for Kling AI. We maintain our PT at HKD70. Analysts: Jin Yoon
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Benyamin Mikael
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Lester Siew
- Ming San Soong
Regional Morning Meeting Notes: Wednesday, May 28, 2025
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1Q25: ...
4197 SIME DARBY BHD.
5347 TENAGA NASIONAL BHD
BCH BANGKOK CHAIN HOSPITAL PCL
01810 XIAOMI CORP. CLASS B
PDD PINDUODUO INC. SPONSORED ADR CLASS A
IOI IOI CORP BHD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
01024 KUAISHOU TECHNOLOGY CLASS B
DKFT IJ CENTRAL OMEGA RESOURCES
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Wednesday, May 28, 2025
KEY HIGHLIGHTS Results Kuaishou Technology (1024 HK/BUY/HK$48.75/Target: HK$70.00): 1Q25: Results in line; poised for encouraging contribution from Kling AI in 2025. Link REIT (823 HK/BUY/HK$40.90/Target: HK$44.90): FY25: Earnings beat expectations; cautious outlook for FY26. PDD Holdings (PDD US/SELL/US$119.24/Target: US$90.00): 1Q25: Earnings miss expectations; increased platform investment to weigh on profitability. Downgrade to SELL. Xiaomi Corp (1810 HK/BUY/HK$51.55/Target: HK$69.90): 1...
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK) - 1Q25: Results In Line; Poised For Enco...
1Q25 results are in line with expectations. Revenue increased 11% yoy to Rmb32.6b, within consensus estimates. Gross margin remained flattish yoy at 55%. Non-IFRS net profit grew 4% yoy to Rmb4.6b, in line with consensus forecasts. Management guided a 2Q25 revenue growth of 11.5% while earnings are estimated to grow 8.5% yoy to Rmb5.1b, both in line with consensus estimates. Maintain BUY on Kuaishou with a lower target price of HK$70.00.
- Jin Yoon
Kuaishou: 1Q25 Flash - Results Largely in Line
Total net revenues came in at RMB32.6bn (-7.8% QoQ and +10.9% YoY), slightly above consensus estimates and our expectations of RMB32.3bn. Gross margin came in at 54.6%, below our estimates of 55.2% and down from 54.8% in 1Q24. non-GAAP EBITDA margin came in at 19.7%, in-line with our expectations, but down from 20.3% in 1Q24. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): Launch of Kling AI 2.0; “Lower-Tier Cit...
We attended Kuaishou’s AI Conference on 15 April and Local Life Services 2025 Strategy Conference on 17 April. Kuaishou highlighted its latest upgrade of Kling 2.0 as well as strategic positioning and development of local life services. We believe the company’s local life services segment’s proactive integration with AIGC will help to cushion the intense competition and challenging macro environment. Maintain BUY with a target price of HK$75.00.
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
Greater China Daily: Tuesday, April 22, 2025
KEY HIGHLIGHTS Sector Property In Apr 25, major mainland cities saw mom/yoy decreases in new home sales, while second-hand transactions in Tier 1 cities continued to see positive yoy growth. The supportive remarks by Premier Li Qiang on 15 April point to further upside on property policies. The upcoming Politburo meeting will be an important window for clues of new policies. Maintain OVERWEIGHT. CR Land remains our top pick. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: ...
- Bella Lu Yifei
- Colin Lee
- Damon Shen
- Jieqi Liu
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Tuesday, April 22, 2025
GREATER CHINA Sector Property Supportive policy remarks by Premier Li Qiang point to further upside; upcoming Politburo meeting to be an important policy window. Results Fuyao Glass Industry Group (3606 HK/BUY/HK$49.15/Target: HK$68.00) 1Q25: Earnings up 46% yoy, in line with estimates. Maintain BUY. Target price: HK$68.00. Han’s Laser (002008 CH/BUY/Rmb24.27/Target: Rmb32.20) 1Q25: Net pro...
A0M4P7 HAN'S LASER TECHNOLOGY INDUSTRY GROUP CO. LTD. CLASS A
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01109 CHINA RESOURCES LAND LIMITED
V03 VENTURE CORPORATION LIMITED
BN2 VALUETRONICS HOLDINGS
SCNR SUNAC CHINA HOLDINGS LTD.
RLF LONGFOR GROUP HOLDINGS LTD.
AWX AEM HOLDINGS
558 UMS HOLDINGS LIMITED
3816 MISC BHD
KBANK KASIKORNBANK PUBLIC CO. LTD.
NANO NANOCO GROUP
ACES PT ACE HARDWARE INDONESIA TBK
FRKN FRENCKEN GROUP LTD
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
01024 KUAISHOU TECHNOLOGY CLASS B
SCB SCB X PUBLIC COMPANY LIMITED
8AZ AZTECH GLOBAL LTD
- Julia Pan Mengyao
- Ming San Soong
China Internet: Navigating headwinds and uncovering opportunities upon...
Chinese internet companies’ share prices have dropped 10-30% mtd following the implementation of incremental tariffs from the US. Chinese internet companies have limited business exposure to the US except for PDD’s Temu. However, the 34% tariffs announced by China on all US imports could have potential implications for China mega-caps’ AI capex in relation to US chip imports. We prefer domestic-focused plays which stand to benefit from domestic policy stimuli, with Southbound inflow to be a key ...
NEH NETEASE INC. SPONSORED ADR
JD JD.COM INC. SPONSORED ADR CLASS A
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
09961 CTRIP.COM INTERNATIONAL
- Jin Yoon
Kuaishou 4Q24 Results: AI Monetization to Further Inch up in 2025
What’s new: Kuaishou’s reported 4Q24 revs that were slightly below consensus and our expectations. OMS could further decelerate in 1Q partly due to tougher comps in gaming and continued traffic support to merchants. AI monetization could continue to inch up partly driven by a higher subscriber base for Kling AI. We up our PT from HKD60 to HKD70 on multiples rerating related to AI. Our updated PT of HKD70 implies 14.0x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): 4Q24: Results in line with solid 2025 o...
Kuaishou’s 4Q24 results are in line with expectations. Revenue increased 9% yoy to Rmb35.4b, within consensus estimates. Gross profit margin improved 1ppt yoy to 54%. Non-IFRS net profit grew 8% yoy to Rmb4.7b, in line with consensus forecasts. Management guided a 1Q25 revenue growth of 10%, in line with consensus estimates, while earnings are estimated to grow 3% yoy to Rmb4.5b, below consensus estimates. Maintain BUY with an unchanged target price of HK$75.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Damon Shen
- Ejann Hiew
- Greater China Research Team
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Wednesday, March 26, 2025
KEY HIGHLIGHTS Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) BYD’s 4Q24 net profit came in above estimates at Rmb15,016m (+73% yoy/+29% qoq) on upbeat margins. Net profit per vehicle rose 10% yoy to Rmb8,820. Management targets 5.5m-6.0m units in sales volume and steady net profit per vehicle for 2025. Based on higher sales and margins, we raise our 2025-26 net profit forecasts by 18%/14% to Rmb55,813m/Rmb65,733m respectively, and introduce 2027 net profit forecast of Rmb75,817...
00823 LINK REAL ESTATE INVESTMENT TRUST
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
3933 THE UNITED LABORATORIES INTE
01024 KUAISHOU TECHNOLOGY CLASS B
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Chong Lee Len
- Colin Lee
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- Jo Yee Ng
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Kasemsun Koonnara
- Ken Lee
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Regional Morning Meeting Notes: Wednesday, March 26, 2025
GREATER CHINA Results BYD Company (1211 HK/BUY/HK$389.20/Target: HK$510.00) 4Q24: Earnings up 73% yoy, beating our estimates on margins. Maintain BUY. Raise target price from HK$410.00 to HK$510.00. BYD Electronic (285 HK/BUY/HK$42.45/Target: HK$47.70) 2H24: Earnings miss on margins; future growth will be driven by automotive and AI. Maintain BUY. Kuaishou (1024 HK/BUY/HK$56.80/Target: HK$75.00) 4Q24: Results in line with...
LH LAND & HOUSES PUBLIC CO. LTD.
00823 LINK REAL ESTATE INVESTMENT TRUST
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
M3I MINTH GROUP LIMITED
1211 BYD COMPANY LIMITED CLASS H
AXIATA AXIATA GROUP BERHAD
3933 THE UNITED LABORATORIES INTE
MSGB MAH SING GROUP BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
TGIF 1933 INDUSTRIES
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
MCH MATRIX CONCEPTS HOLDINGS BHD
01024 KUAISHOU TECHNOLOGY CLASS B
123F 123FAHRSCHULE SE
IOIPG IOI PROPERTIES GROUP BHD
LAGENDA LAGENDA PROPERTIES BHD
- Julia Pan Mengyao
- Ming San Soong
Kuaishou (1024 HK): Intact monetisation progress; navigating AI wave i...
Kuaishou’s share price rebounded about 40% from the previous trough in January, stimulated by the frenzy sparked by DeepSeek. We believe the solid progress of Kling AI advancement and DeepSeek integration will boost monetisation potential from AI applications. Our estimates for Kuaishou’s 4Q24 earnings are largely unchanged, with revenue growth of 10% yoy driven by intact online marketing revenue growth and ecommerce GMV. Maintain BUY with a higher target price of HK$75.00.
- Arsit Pamaranont
- Bella Lu Yifei
- Benjaphol Suthwanish
- Claire Wang Kelai
- Colin Lee
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- Jack Goh Tooan Orng
- Jack Lai Yuan Khai
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Keith Wee Teck Keong
- Ken Lee
- Kitpon Praipaisarnkit
- Llelleythan Tan Tan
- Ming San Soong
- Stevanus Juanda
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, February 21, 2025
GREATER CHINA Sector Automobile: Weekly: PV sales rebound wow but remain low due to wait-and-see sentiment. Maintain MARKET WEIGHT on the sector. Top BUYs: Geely, CATL, Fuyao and Desay. Renewable Energy: Solar energy equipment: Policy-driven installation rush to support prices; milder module shipment growth in 2025. Results Alibaba Group (9988 HK/BUY/HK$120.90/Target: HK$150.00): 3QFY25: CMR beat; all-in AI; capex in next three years to exceed that of the past decade. Lenovo Group (992 HK/BUY/HK...
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
00992 LENOVO GROUP LIMITED
F34 WILMAR INTERNATIONAL LIMITED
GFPT GFPT
7153 KOSSAN RUBBER INDUSTRIES BHD.
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
G13 GENTING SINGAPORE LIMITED
INRI INARI AMERTRON BHD
SCGB SUNWAY CONSTRUCTION GROUP BH
AMM AMMB HOLDINGS BHD
09999 NETEASE INC
OXMU PRIME US REIT
OR PTT OIL AND RETAIL BUSINESS PUBLIC CO LIMITED
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
- Bella Lu Yifei
- Claire Wang Kelai
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Ziv Ang Sze Champ
Greater China Daily: Friday, February 21, 2025
KEY HIGHLIGHTS Sector Automobile China auto sales rebounded in the seventh week of 2025, but remained low compared with the previous month due to consumers’ wait-and-see sentiment amid a price war and the transitional period of product upgrade. Zeekr’s acquisition of Lynk & Co strengthens Geely’s premium EV strategy. GWM has unveiled a strategy for affordable smart driving solutions. DeepSeek is gaining traction among automakers. Maintain MARKET WEIGHT. Top BUYs: Geely, Fuyao, CATL and Desay S...
- Julia Pan Mengyao
- Ming San Soong
Kuaishou (1024 HK): Key takeaways from Kuaishou’s NDR meeting.
During Kuaishou's NDR meeting, management outlined strategies and growth outlooks for key business segments including short drama, online marketing, ecommerce, AIGC and local consumer services. We believe the company’s solid monetisation progress and continuous strategies for boosting ads will help to cushion the challenging macro backdrop and intense competition. Maintain BUY with a lower target price of HK$60.00.
- Benjaphol Suthwanish
- Desmond Chong Chee Wai
- Jonathan Koh
- Julia Pan Mengyao
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanaporn Visaruthaphong
- Vincent Khoo Boo Aik
- Wei Xiang Ku
Regional Morning Notes - Wednesday, January 08, 2025
GREATER CHINA Update Kuaishou (1024 HK/BUY/HK$40.65/Target: HK$60.00): Key takeaways from Kuaishou’s NDR meeting. Miniso (MNSO US/BUY/US$24.07/US$31.00): Offering US$550m of equity-linked securities; expects to expand directly-operated model in overseas markets. INDONESIA Sector Telecommunications: Average data traffic during the Christmas/New Year 2025 period up 10-19% vs normal days; maintain OVERWEIGHT. MALAYSIA Strategy JS-SEZ: Unlocking High Value Growth And Fostering Win-Win Cross-Border...
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
Greater China Daily: Wednesday, January 8, 2025
KEY HIGHLIGHTS Update Kuaishou (1024 HK/BUY/HK$40.65/Target: HK$60.00) During Kuaishou's NDR meeting, management outlined strategies and growth outlooks for key business segments including short drama, online marketing, e-commerce, AIGC and local consumer services. We believe the company’s solid monetisation progress and continuous strategies for boosting ads will help to cushion the challenging macro backdrop and intense competition. Maintain BUY with a lower target price of HK$60.00. Miniso...
- Julia Pan Mengyao
- Ming San Soong
China Internet: 1H25 outlook shaped by implications of fiscal stimuli ...
We saw largely in-line top-line growth across companies in 3Q24, mainly pressured by a lukewarm macro environment, but with earnings beat thanks to enhanced efficiency from AI integration. Alongside pending visibility on further domestic supportive policies, we believe the key 2025 highlights are: a) re-acceleration of e-commerce GMV growth, b) potential upside in ad take rate monetisation, c) rejuvenation of online games grossing, and d) sustained travel enthusiasm. Maintain MARKET WEIGHT.
JD JD.COM INC. SPONSORED ADR CLASS A
K3SD BAIDU INC SPONSORED ADR CLASS A
A117ME ALIBABA GROUP HOLDING LTD. SPONSORED ADR
3K1 KINGSOFT CORP. LTD.
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
TCOM TRIP.COM GROUP LTD. SPONSORED ADR
BEKE KE HOLDINGS INC. SPONSORED ADR CLASS A
09988 ALIBABA GROUP HOLDING LTD.
09999 NETEASE INC
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
02423 KE HOLDINGS INC.
09961 CTRIP.COM INTERNATIONAL
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