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01024 KUAISHOU-W
RTNominal up100.800 +5.900 (+6.217%)
Research Report

11/03/2021 16:40

{I-bank focus}Morgan starts Kuaishou (01024) at HK$350

[ET Net News Agency, 11 March 2021] Morgan Stanley initiated coverage on Kuaishou
Technology (01024) with an "overweight" rating and a target price of HK$350.
The research house forecasted Kuaishou to deliver a 40% revenue CAGR over 2020-23,
reaching Rmb163bn, on the back of "short-videolization", diversification of income
streams, and its large and sticky user base.
Morgan expects MAU (monthly active users) and DAU (daily active users) to reach 700mn
and 400mn by 2023, from 482mn and 265mn in 2020 respectively, bringing a transformation of
its revenue and profitability structure, similar to platform peers. This will drive
earnings and valuation multiple upsides.
It expects rising incremental ad revenue wallet share every year, hitting Rmb100bn in
2023 (66% CAGR from Rmb22bn in 2020), on par with Douyin's level in 2020, driven by a 15%
DAU CAGR (mainly via the Express app), doubling its ad load, and upgrading its ad
products, technology and sales team. (KL)

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