＜Research＞Citi Initiates KUAISHOU-W (01024.HK) at Buy with $69 TP

　　With the persistent improvement of financial performance and sustainable earnings growth prospects, Citi opined KUAISHOU-W (01024.HK) +0.600 (+1.341%) Short selling $259.70M; Ratio 20.017% 's current valuation at 8x 2025E PE as undemanding. It gave the stock a Buy rating for the first time, with a target price of $69.

　　Citi said that the live streaming industry is facing a lot of obstacles, given regulatory pressure and industry maturity. However, the broker spotted KUAISHOUs unique position in lower-tier cities, resilient user average time spent, decent growth in e-commerce GMV, and improving e-commerce advertising revenue, especially from under-penetrated brands. Meanwhile, overseas monetization improved and losses narrowed.

　　Related NewsJefferies Chops KUAISHOU-W (01024.HK) TP to $74, Keeps Rating Buy

　　The broker predicted that adjusted profits for each of the years 2024-26 will be RMB17.6 billion/ 23.7 billion/ 29.2 billion, respectively, representing YoY growth of 72%/ 35%/ 23%, respectively, and adjusted net profit margins of 13.8%/ 16.6%/ 18.5%, respectively.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-05 16:25.)

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