0733 GMT - Kuaishou Technology is set to face continued headwinds, Daiwa analyst John Choi says in a research note. "E-commerce has become a key source of downside," he says. Daiwa forecasts 2H gross merchandise value to decline 10% on year, which would be significantly worse than flattish growth seen in 2Q. A weak e-commerce business, alongside soft advertising revenue, will have a negative impact on earnings, Choi adds. Daiwa downgrades Kuaishou to hold from buy and cuts its target price to HK$72.00 from HK$40.00. Shares are last at HK$33.88.
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