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<Research>JPM: If Kling AI Valuation Whops USD52B, KUAISHOU-W TP May Hit HKD73
Recommend 63 Positive 101 Negative 34 |
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KUAISHOU-W (01024.HK) is reportedly planning to spin off its video generation large model business, Kling AI, targeting a valuation of USD20 billion. While Kling AI's recent ARR has reached USD500 million, the company expects ARR to whop USD1.3 billion in 1Q27. JP Morgan said in a report that a potential spin-off listing or independent financing of Kling AI could become a catalyst for valuation re-rating for KUAISHOU-W, bringing upside to its share price. The broker downgraded KUAISHOU-W in March, in wake of easing revenue growth of its core short-video business (excluding Kling AI). However, the broker also noted share price upside could come from value unlock of Kling AI, one of the few AI applications to have achieved USD300 million ARR globally. It maintained a Neutral rating on KUAISHOU-W, pending further disclosure on the spin-off progress of Kling AI. According to SOTP analysis, if Kling AI reaches a valuation of USD52 billion, assuming an ARR of USD1.3 billion in 1Q27, and based on a valuation of 40x ARR, KUAISHOU-W's target price per share could reach HKD73. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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