星展：恢復覆蓋快手-W 予 “買入” 評級 AI 解鎖下一階段增長
DBS Bank has resumed coverage of KUAISHOU-W, giving it a "Buy" rating with a target price of HKD 98. It is expected that adjusted earnings will grow by 16%, 20%, and 18% for the fiscal years 2025 to 2027, respectively. The application of AI technology will significantly enhance the effectiveness of advertising and e-commerce, while the purchasing power of users in lower-tier cities will also support growth above the industry average. As China's second-largest short video platform, KUAISHOU has over 700 million monthly active users, and its AI tools are expected to generate revenue of RMB 2.7 billion by the fiscal year 2027
According to the Zhitong Finance APP, DBS has released a research report predicting that KUAISHOU-W (01024) will see adjusted earnings growth of 16%, 20%, and 18% in the fiscal years 2025 to 2027, reflecting higher-than-industry growth in advertising and e-commerce. The new OneRec model enhances user engagement time and may improve advertising distribution efficiency, while the purchasing power of users in lower-tier cities shows more robust growth; due to high user loyalty, the growth of marketing expenses is slowing. The bank has resumed coverage of KUAISHOU with a "Buy" rating and a target price of HKD 98, based on a 15 times price-to-earnings ratio for the fiscal year 2026, which is one standard deviation above the average of the past two years.
As China's second-largest short video platform, KUAISHOU has over 700 million monthly active users, and its technology stands out due to decentralized distribution and a sticky, community-driven ecosystem. Its advantages in lower-tier cities and non-standardized e-commerce categories create structural growth opportunities. By utilizing a vast proprietary dataset to train advanced AI models (such as OneRec and KeLing), the company enhances user stickiness, explores new revenue sources, and saves costs for its merchants.
DBS stated that KUAISHOU's AI image and video generation tools have become a rare Chinese application with global AI monetization potential, with expected revenue reaching RMB 2.7 billion in the fiscal year 2027. The bank also believes that the revaluation is not yet complete: the adoption of AI for content generation and distribution is expected to bring significant benefits to core advertising and e-commerce, while the robust purchasing power of users in lower-tier cities should further support growth above the industry average.
The bank predicts that KUAISHOU's advertising revenue will grow by 12%, 12%, and 11% in the fiscal years 2025 to 2027; e-commerce GMV will grow by 14%, 11%, and 9%, all higher than industry growth; live streaming revenue will grow by 6%, 4%, and 3%; and e-commerce revenue will grow by 23%, 12%, and 10%
