T. H. Data Flash - JOYY Inc. – March & 1Q20E: Better BIGO Performance In 1Q20; Premium IP Driving Better 2Q20 For YY Live
We are positive on YY in 1Q20 due to BIGO’s better performance and positive on 2Q20 driven by YY Live’s domestic performance. In 1Q20, BIGO overseas monetization was much better than that in 4Q19 and we expect such trend to continue in 2Q20. For 2Q20, YY Live is broadcasting a well-known IP called “爱豆周五觔 in China from March 27th to the end of May, which is positive for its performance in 2Q20. Based on our data and model, we believe YY’s 1Q20 revenue is likely to be higher than the high end of the company’s guidance range of RMB6,750M – RMB6,850M and higher than consensus at RMB6,853M and our model.
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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