reports
- 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
- Jin Yoon
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...
- Julia Pan Mengyao
- Ming San Soong
Kuaishou Technology (1024 HK): 3Q24: Results in line; lukewarm revenue...
Kuaishou’s 3Q24 results are in line with expectations. Revenue increased 11% yoy to Rmb31b, within consensus estimate. Gross profit margin improved 3ppt yoy to 54%. Non-IFRS profit for the period grew 24% yoy to Rmb3.9b, in line with the street’s forecast. Management guided a lukewarm 4Q24 revenue growth of 10% with earnings estimated to grow 8% yoy to Rmb4.6b-4.7b, largely in line with consensus estimate. Maintain BUY with a lower target price of HK$67.00.
- Greater China Research Team
- Julia Pan Mengyao
- Ming San Soong
Greater China Daily: Thursday, November 21, 2024
KEY HIGHLIGHTS Results Kuaishou Technology (1024 HK/BUY/HK$52.55/Target: HK$67.00) Kuaishou’s 3Q24 results are in line with expectations. Revenue increased 11% yoy to Rmb31b, within consensus estimate. Gross profit margin improved 3ppt yoy to 54%. Non-IFRS profit for the period grew 24% yoy to Rmb3.9b, in line with the street’s forecast. Management guided a lukewarm 4Q24 revenue growth of 10% with earnings estimated to grow 8% yoy to Rmb4.6b-4.7b, largely in line with consensus estimate. Maint...
- Anas Fitri Bin Ahmad
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Lester Siew
- Ming San Soong
- Posmarito Pakpahan
Regional Morning Meeting Notes: Thursday, November 21, 2024
GREATER CHINA Results Kuaishou Technology (1024 HK/BUY/HK$52.55/Target: HK$67.00) 3Q24: Results in line; lukewarm revenue growth expected in 4Q24. INDONESIA Update Bank Central Asia (BBCA IJ/BUY/Rp10,075/Target: Rp12,000) Solid performance across the board in 10M24. MALAYSIA Results Hap Seng Plantations (HAPL MK/BUY/RM2.07/Target: RM2.25) 9M24: Within expectations; expect stronger contribution in 4Q24. My EG Services (MYEG MK/BUY/RM0.88/Ta...
FCT FRASERS CENTREPOINT TRUST
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BBCA PT BANK CENTRAL ASIA TBK
Q5T FAR EAST HOSPITALITY TRUST
4DS 4DS MEMORY
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
TGIF 1933 INDUSTRIES
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
UHU UNITED HAMPSHIRE US REIT
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
KORE KEPPEL PACIFIC OAK US REIT
01024 KUAISHOU TECHNOLOGY CLASS B
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Z29 029 GROUP SE
SDG SD GUTHRIE BHD
- Julia Pan Mengyao
- Ming San Soong
China Internet: Revitalising momentum evident in initial phase of 11.1...
Data from the initial phase of the 11.11 campaign set a compelling prelude to a high single-digit GMV growth in 2024. We expect the combination of government trade-in subsidies and 11.11 discounts to stimulate consumer demand, particularly with home appliances and 3C digital products taking the spotlight. We anticipate stabilised competition between traditional and livestreaming e-commerce with a strong emphasis on shelf-based e-commerce. Maintain MARKET WEIGHT.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Damon Shen
- Jieqi Liu
- Jonathan Koh
- Julia Pan Mengyao
- Kasemsun Koonnara
- Keith Wee Teck Keong
- Kenny Yong Hui Lim
- Kitpon Praipaisarnkit
- Krit Tanarattananon
- Llelleythan Tan Tan
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Thursday, November 07, 2024
GREATER CHINA Sector Internet - China Revitalising momentum evident in initial phase of 11.11 campaign. Results LINK REIT (823 HK/BUY/HK$38.05/Target: HK$45.08) 1HFY25: DPU rises 3.7% yoy, meeting expectations; enhancing resilience amid macro headwinds. Update Prudential (2378 HK/BUY/HK$65.50/Target: HK$126.00) Solid NBP growth on improved sales and margins across few mar...
00823 LINK REAL ESTATE INVESTMENT TRUST
PRU PRUDENTIAL PLC
1023 CIMB GROUP HOLDINGS BHD
UNTR PT UNITED TRACTORS TBK
AMATA AMATA CORP
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
PDD PINDUODUO INC. SPONSORED ADR CLASS A
SIE SIA ENGINEERING CO LTD
SPOST SINGAPORE POST LTD
FNH FRASER & NEAVE HOLDINGS BHD
BANPU TB BANPU
WHA TB WHA CORP PCL
09988 ALIBABA GROUP HOLDING LTD.
09618 JD.COM INC. CLASS A
01024 KUAISHOU TECHNOLOGY CLASS B
9CI CAPITALAND INVESTMENT LTD
DELTA DELTA ELECTRONICS
Z29 029 GROUP SE
- Julia Pan Mengyao
- Ming San Soong
China Internet: Encouraging monetisation visibility from adtech and LL...
Lately, internet companies convened their respective AI conferences, unveiling a wide range of upgraded AI products that showcase their AI infrastructure development and AI monetisation potential. We opine that the prevailing trend in adtech upgrades focuses on enhancing marketing efficiency and driving GMV growth, resulting in monetisation improvement. We remain optimistic in view of the favourable regulatory environment and industry development. Maintain MARKET WEIGHT.
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Damon Shen
- Jack Goh Tooan Orng
- Jieqi Liu
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Tuesday, November 05, 2024
GREATER CHINA Strategy Hong Kong Developers And Landlords Top developer leads strong sales rebound in Oct 24; landlords continue to face challenges from GBA integration. Sector Internet - China Encouraging monetisation visibility from adtech and LLM upgrades. Update Xiaomi Corp (1810 HK/BUY/HK$27.30/Target: HK$31.70) 3Q24 results preview: Robust growth in IoT se...
00823 LINK REAL ESTATE INVESTMENT TRUST
PTT PTT PUBLIC COMPANY LIMITED
00014 HYSAN DEVELOPMENT CO. LTD.
BSDE PT BUMI SERPONG DAMAI TBK
00700 TENCENT HOLDINGS LTD.
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
01810 XIAOMI CORP. CLASS B
MYEG MY EG SERVICES BHD
PROP PROPNEX LTD
09988 ALIBABA GROUP HOLDING LTD.
00017 NEW WORLD DEVELOPMENT CO. LTD.
BUKA BUKALAPAK.COM PT TBK
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
GOTO GOJEK TOKOPEDIA TBK PT
Z29 029 GROUP SE
- Julia Pan Mengyao
- Ming San Soong
China Internet: Key takeaways from marketing trip.
The key concerns of investors include the sustainability of the recent rally and potential fundamental changes upon policy rollout. We think a valuation repair is underway with the upcoming 11.11 campaign and 3Q/4Q24 results release as a critical juncture. Investors are also becoming increasingly optimistic on mega-cap names such as Tencent, Meituan, Alibaba and JD in view of a favourable regulatory backdrop and stabilised competitive environment. 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.
002230 IFLYTEK CO. LTD. CLASS A
00700 TENCENT HOLDINGS LTD.
PDD PINDUODUO INC. SPONSORED ADR CLASS A
03690 MEITUAN CLASS B
00780 TONGCHENG-ELONG HOLDINGS LIMITED
2013 WEIMOB INC
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
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.