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Research Report

11/03/2021 16:48

{I-bank focus}HSBC starts Kuaishou (01024) at "buy" & HK$400

[ET Net News Agency, 11 March 2021] HSBC Global Research initiated coverage on Kuaishou
Technology (01024) with a "buy" rating and a target price of HK$400.
Kuaishou has posted a strong rally since IPO, but the research house sees further
catalysts, namely (1) the upside in monetisation of advertising and e-commerce is not
priced in; (2) a mix shift towards higher-margin and better-visibility advertising
business; (3) commitment to invest in technology; (4) strength in e-commerce
live-streaming. Kuaishou took just three years to reach RMB360bn GMV (gross merchandise
volume); (5) scarcity premium.
HSBC added that Kuaishou is trading at 7x 2022 P/S and 28x 2023 adjusted P/E, versus its
closest comparable, Bilibili (9x and 59x), with a faster 2020-23 top-line CAGR (48% versus
Bilibili's 40%). (KL)

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