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<Research>CMSI Cuts KUAISHOU-W's TP to HKD76; Short-term Investment Boosts Long-term Competitiveness
Recommend 7 Positive 18 Negative 10 |
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KUAISHOU-W (01024.HK)'s 4Q25 total revenue grew by 12% YoY, beating market forecasts by 2%, according to a CMSI research report. By business segment, KUAISHOU-W's advertising revenue rose by 15% YoY, 2% higher than expectations, while e-commerce GMV climbed by 13% YoY, in line with market expectations. Other income surged by 28% YoY, in which Kling AI revenue hit RMB340 million, exceeding expectations by 3%. CMSI has revised down KUAISHOU-W's non-GAAP net profit forecasts for 2026-27 by 26% and 30% respectively, primarily due to increased investment in AI, advertising, and e-commerce to enhance long-term competitiveness. KUAISHOU-W's SOTP target price has decreased from HKD100 to HKD76 because of the reduction in the target P/E ratio for core e-commerce and advertising from 13x to 8x. The target price corresponds to a P/E ratio of 17x and 16x for 2026 and 2027. The company's rating is Overweight. AAStocks Financial News |
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