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Citigroup holds a positive outlook for Kuaishou's first-quarter performance, anticipating a robust 10% year-on-year revenue growth to reach RMB 32.3 billion. The advertising and live streaming segments are predicted to witness growth rates of 7.6% and 12.3%, respectively, while other business areas are expected to expand by 14%. Furthermore, Kuaishou's gross margin is projected to hit 54%, with adjusted operating profit estimated at RMB 4.5 billion. Citigroup's bullish stance on Kuaishou stems from its compelling valuation, the absence of US delisting risks, and significant business prospects, particularly driven by advancements in AI technology. Consequently, the bank reiterates its target price of HK$66 and maintains its 'Buy' rating for Kuaishou.
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