BOCOM INTL: Maintain "Buy" rating on KUAISHOU-W (01024) with a target price of HK$54.

BOCOM INTL released a research report stating that it maintains a "buy" rating on KUAISHOU-W (01024) with a target price of 54 Hong Kong dollars. The company's AI empowerment upgrades its existing businesses, opening up opportunities for commercialization in both the 2C and 2B sectors. The report points out that in the community ecosystem, the company maintains differentiated content supply and introduces innovative gameplay to enhance user interaction and participation. Through AI-powered content identification and understanding, the company promotes the integration of user value and commercial value in content delivery. In terms of e-commerce, based on various operating fields, the company enhances purchasing intentions, with the GPM of live broadcast public domain increasing by 18% year-on-year in the second quarter, and the GMV of short videos increasing by 50% year-on-year. In terms of internal circulation, AI-powered product capabilities continue to iterate, with the penetration rate of site-wide promotion and intelligent hosting customers continuously increasing. In terms of external circulation, the company focuses on tracks suitable for KUAISHOU-W users' endowments, such as short dramas/novels/small games. Furthermore, the company's local life business maintains rapid growth on both the supply and demand sides, while its overseas expansion continues to focus on commercialization in core countries.