Glonghui, May 23 | Kuaishou (1024.HK)'s adjusted net profit surged 103 times last quarter to 4.4 billion yuan, higher than market expectations of 3.2 billion yuan, compared to 42 million yuan in the same period last year. Yamato published a report confirming Kuaishou's “buy” rating, and the target price was raised from HK$85 to HK$90. Yamato raised Kuaishou's earnings forecast per share for this year and next two years by 3% to 8% to reflect upcoming improvements in operating leverage and efficiency. The company's revenue for the first quarter was roughly in line with expectations, while profits were 37% higher than market expectations. Daily active users and monthly active users increased 5% and 7% year-on-year, and the average daily usage time of daily active users still reached 129.5 minutes under seasonal influence. The bank expects that with diversified content supply, Kuaishou's daily active users will reach 400 million this quarter; it is believed that the accelerated growth of foreign advertising and the progress of shelf e-commerce will be a short-term business catalyst.