Earnings Alert: 3Q21 results above market expectations

What’s New

  • 3Q21 revenue increased by 25.5% y-o-y to Rmb219bn
  • Net-GAAP net profit fell 9%, better than market expectations despite macro slowdown 
  • Raised FY21-23F earnings by 20%, 5% and 2% respectively to reflect lower operating loss from new businesses
  • Maintain BUY with revised TP of HK$419/ US$107