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<Research>G Sachs Trims KUAISHOU-W (01024.HK) TP to $63; External Ad Growth the Bright Spot
Recommend 22 Positive 46 Negative 29 |
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KUAISHOU-W (01024.HK)'s 3Q24 results were roughly in line, with revenue up 11% YoY and non-IFRS net profit up 24%, among which external ads continued to fare robustly, on the ride of rising demand for mini-dramas, whose contribution to external ads already hiked to 10% and doubled QoQ. The broker believed there is still plenty of room for growth of KUAISHOU-W in terms of ad technology and user conversion. The overall ad business will continue to outgrow the broker’s expectations. The ad business was estimated to grow by more than 15% YoY in 4Q24 and 2025. Goldman Sachs maintained a Buy rating on KUAISHOU-W and trimmed its target price from $67 to $63. AAStocks Financial News |
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