Report by Westlake International

Based on Westlake’s proprietary analysis and survey of 19 large agencies and advertisers, IQ has outperformed its peers in recent quarters with strong content and can meet 4Q street revenue expectations. Bilibili can at least deliver in-line 4Q revenue growth propelled by solid VAS and better-than-expected ad and game biz. Kuaishou can deliver 4Q ad revenue in-line with street expectation propelled by solid streaming eCommerce growth and growing advertisers; and saw robust ad spending from gaming in Jan. They are positive on all three names, given recent sharp ad spending rebound from several verticals and further consumer / ad spending recovery in 2023.