Kuaishou Technology: The Stock Is Still Undervalued At Current Valuation Multiple

2025-03-27 11:35:09 ET

Summary

• I reiterate a buy rating for Kuaishou Technology (KUASF) due to its strong position in the Chinese e-commerce industry and potential for high-teen revenue growth.
• 4Q24 results showed revenue growth of ~9% y/y, improved gross margins, and strong performance in the e-commerce segment with a 14.4% y/y GMV increase.
• KUASF's advertising segment has structural tailwinds, with AI-driven ad efficiency improvements and potential for growth acceleration back to >20% in the coming years.

Investment summary

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