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Research Report

10/03/2021 14:16

{I-bank focus}Nomura starts Kuaishou (01024) at HK$333

[ET Net News Agency, 10 March 2021] Nomura initiated coverage on Kuaishou Technology
(01024) with a "buy" rating and a target price of HK$333.
The research house said the short-and-mid-form (SMF) video market boasts huge growth
potential, with its time spent share likely increasing to 49% by 2025 from 26% in 2020 and
market size of 1bn users from over 800mn as of 2020.
Kuaishou is a pioneer and a leader in China's short video market, with 481mn MAUs
(monthly active users) and 126mn monthly active content creators. Its MAUs could grow to
700mn by 2024. This huge and highly engaged user base brings lots of monetization
Nomura is most bullish about the potential of Kuaishou's ads and live broadcasting
e-commerce (LBE) businesses, projecting 74% and 85% revenue CAGR over 2020-23,
respectively. It projected total revenue to grow at a 45% CAGR in 2020-23 to CNY178bn, and
non-GAAP operating margin to improve to 20% in 2023, from -18% in 2020. (KL)

Remark: Real time quote last updated: 17/09/2021 17:59
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