YY: Better Monetization From BIGO; Some Level Of Uncertainties In BIGO’s Overseas Expansion, But Still A Growth Story
YY will report 2Q20 results on August 12th after the markets close followed by a 9pm EST conference call. Based on our data and model, we believe YY’s 2Q20 revenue is likely to be higher than the high end of YY’s guidance range of RMB5,000M – RMB5,150M and higher than consensus at RMB5,143M. YY will not consolidate HUYA’s financials starting from 2Q20, as Tencent (700.HK, HK$527.50, Not Rated) now has 50.1% voting power in Huya (HUYA, $26.66, Not Rated) on a fully-diluted basis. Bigo Live and Likee were banned in India since June 30, 2020, and the company needs to monitor the US market in the next few months. For YY group, YY Live contributes margins while Bigo contributes topline growth and user growth. It is still a growth story.
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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