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<Research>UBS Mildly Drops KUAISHOU-W TP to $76.4; 3Q24 Results/ 4Q24 Outlook in Line
Recommend 10 Positive 19 Negative 3 |
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While KUAISHOU-W (01024.HK)'s 3Q24 revenue and net profit were in line with expectations, its 4Q24 outlook was also on track with sell-side consensus, UBS released a research report saying. The market's expectations for the 4Q24 e-commerce business have improved owing to the Double 11 announcements. Management confirmed the strong performance of Double 11, but pointed out that it caused some cannibalization in GMV for October and December. The broker maintained its forecast of a 14% YoY growth in 4Q24 GMV. Regarding advertising, the broker envisioned external advertising growth of 40% for 4Q24 and 20% for 2025. Although it cut its gross margin forecast, it still anticipated an annual expansion of 1-2 ppts. The broker slightly lowered the target price from $76.7 to $76.4, with a Buy rating unchanged. AAStocks Financial News |
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