T.H. Capital - HUYA Inc. Sponsored ADR Class A (HUYA) T. H. Data Flash - Huya Inc. - December 2019 4Q19: Maturing Game Live Broadcasting Business Is Facing New And Bigger Rivals; Uncertainties In 2020

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T.H. Capital

Tian Hou

EUR 216.28 For Business Accounts Only

T. H. Data Flash - Huya Inc. - December 2019 & 4Q19: Maturing Game Live Broadcasting Business Is Facing New And Bigger Rivals; Uncertainties In 2020

We are neutral into HUYA’s 4Q19E performance and cautious for its outlook in 2020. After a period of rapid growth of its users and revenue, HUYA’s operational metrics showed some levels of slower growth. In addition, Bilibili (BILI, $22.87, Not Rated) and Kwai (private) have already started to and will continue to invest heavily in game broadcasting. These two vendors are strong in terms of their user bases. At this point, we are unsure of HUYA’s strategies, particularly its S&M plans for 2020.

15/01/2020 6 EN

Underlying

HUYA Inc. Sponsored ADR Class A

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US44852D1081 New York Stock Exchange China

Provider

T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

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Analysts

Tian Hou

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T. H. Data Flash - Huya Inc. - December 2019 & 4Q19: Maturing Game Live Broadcasting Business Is Facing New And Bigger Rivals; Uncertainties In 2020

HUYA INCO. sees a downgrade to Negative on account of less fundamental stars

HUYA: Policies Have Limited Impact On HUYA; Expect 3Q21 Revenue To Be In Line With Consensus On Mixed Operating Metrics Due To High Base

HUYA: High Base in 1Q20 Is Likely Leading To A Soft 1Q21; Lingering Merger Approval Is Leading To Softness In Business Operations

TCOM: TCOM’s Potential Better 4Q2024 Performance and Better Long-Term Growth Outlook

BILI: Cautious On Long-Term Outlook Due To Competition And Market Saturation

BIDU: Expect In Line 2Q24 Results; Monetization In AI Is Taking Time To Drive Overall Growth

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