T. H. Data Flash – YY Inc. – May & 2Q19E: BIGO and HUYA Are Driving Growth; BIGO To Make Full Quarter Contribution; Maintain Buy
We are positive on YY’s 2Q19 performance. Each business segment of YY grew on its own pace and had its own growth driver: YY live was mainly driven by the growth of hosts; Huya by users; and Bigo by hosts. Bigo, as a newly combined entity, is going to make a full quarter contribution. Based on our data and model, we believe YY’s 2Q19 revenue is likely to be higher than the high end of the company’s guidance range of RMB6,000M – RMB6,200M and consensus and our model at RMB6,110M.
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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