China's Kuaishou rises most in 3 weeks on Q1 beat, share buyback plans

Kuaishou Technology

23/05/2024 03:16

** Shares of Kuaishou Technology  1024.HK  rise 4.2% to
HK$60.60, post their biggest intraday pct rise since May 3 
    ** Stock of the Chinese content community and social
platform operator hits its highest level since May 1, and
extends gain for a second session
    ** Stock is biggest pct gainer on Hang Seng Tech Index
 .HSTECH  and Hang Seng China Enterprises Index  .HSCE  
    ** Kuaishou posts Q1 net profit of 4.1 bln yuan ($566.1 mln)
versus a loss of 876 mln yuan the same period in 2023, with
total revenue up 16.6% Y/Y at 29.4 bln yuan   
    ** Co announces an on-market share repurchase programme of
repurchasing up HK$16 bln ($2.1 bln) worth of shares over the
next 36 months to demonstrate its confidence in its own business
outlook and prospects 
    ** Jefferies maintains "buy" rating and raises price target
to HK$83 from HK$78, citing 1Q revenue and non-IFRS earnings
beat expectations while share repurchase reflects confidence in
outlook
    ** Hang Seng Tech Index  .HSTECH  drops 2.1%, Hang Seng
China Enterprises Index  .HSCE  falls 2% and Hang Seng Index
 .HSI  declines 1.9% 
    ** Kuaishou stock up 11.6% YTD  
   ($1 = 7.2431 Chinese yuan)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))