T. H. Data Flash - JOYY Inc. – November & 4Q20E: Better Performance In Both Domestic And International Markets To Drive Better 4Q20 Results
We are positive on YY’s performance in 4Q20E. YY/BIGO has positioned itself as one of the few Chinese companies/entrepreneurs, including Yalla (YALA, $17.34, Not Rated), Sea (SE, $229.66, Not Rated), Agora (API, $39.08, Not Rated), TikTok (private) and several others, that have brought their domestic expertise to overseas. As these companies have already gained success in China, the most competitive market, in our view, the chances of gaining success in other places can be high. Based on our data and model, we believe YY’s 4Q20E performance is likely to be better than consensus expectation at RMB6,555M driven by better performance in both domestic and overseas markets.
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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