【招银国际证券】Kuaishou (1024 HK) Solid 4Q22E with better margin outlook.pdf

FY22 net margins better than expected

FY22 results below; GPM recovery on better product mix

Providing Better Price Signals Through Fuel Taxation

Leveraging Trade for More and Better Jobs

–Better margin outlook, with Bigo to bottom out

Better 2H23 and FY24 as Mexico to turn profitable

Better Demand Planning: How Finance Can Lead Its Successful Transformation

Still better positioned than most rivals

1Q23 beat on better GPM; Maintain HOLD on fair valuation

–Better-than-feared 3Q results