YY: Expect Better 3Q18 Revenue, But Cautious on 4Q18 Due To Some Uncertainties; Maintain Buy & Lower PT
YY will report 3Q18 results on November 12th after the market closes followed by a 9pm EST conference call. Based on our data and model, we believe YY’s revenue is likely to be better than consensus at RMB3.996B, coming in towards the high-end of guidance range of RMB3.89B – RMB4.02B. However, for 4Q18, as China is tightening its control on media and entertainment areas, YY may not expect a huge annual gala, which is likely to weaken its 4Q18 revenue outlook.
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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