DBS: Qifu Technology Inc – Initiating Coverage Buy Target Price HK$73.80; US$19.10

Headwinds removed, accelerated earnings growth ahead

• A leading Internet finance platform player to be benefited from the end of policy rectification
• Expect overall risk to be controllable in FY24/25F despite somefluctuations expected in delinquency ratio
• Expect low-teen y-o-y earnings growth in FY24/25F vs mid-single digit inFY23F, while stock trading at <4x FY24P/E and offers >8% dividend yield
• Initiate coverage with BUY and TPs at HK$73.8, respectively, for H-share and ADS