Citigroup: Maintains a "Buy" rating on KUAISHOU-W (01024) with a target price of HK$67.

Citigroup released a research report stating that it maintains a "buy" rating on Kuaishou-W (01024) with a target price of HK$67. The company announced strong year-on-year growth in GMV (Gross Merchandise Volume) for the Double 11 e-commerce event, with a 110% year-on-year increase in GMV for e-commerce shelf products and a 94% year-on-year increase in GMV for the first day of promotions. Search GMV also increased by 119%. Based on its performance indicators, Citigroup believes that Kuaishou's GMV growth during Double 11 may outpace the bank's 14% year-on-year expectation for the fourth quarter of 2024. However, with growth outside of the Double 11 period slowing down, it may mean that Citigroup's GMV forecast for the fourth quarter of 2024 could be achieved.