Sequential decline in margins likely - 8454 TT; HOLD-OPF
Momo’s 1Q16 results beat consensus but were in line with our forecast. ​We maintain a neutral view as 1) we are cautious on likely margin pressure for online shopping; 2) contraction in the higher margin TV & catalogue businesses continues; and 3) regulation risk for TV shopping remains a concern.
momo.com Inc. is a Taiwan-based company principally engaged in the network-related business and the television and cataloging business. The Company is mainly engaged in television shopping, online shopping, catalogue mail order, personal insurance agency and property insurance agency businesses, as well as the provision of travel related services. The Company operates its businesses mainly in domestic market.
Yuanta is a Taiwan-headquartered brokerage with a growing presence in Asia, especially across Greater China. Our team of 140+ provides cutting-edge analysis on key sectors, spread across offices in Taiwan, Hong Kong, Shanghai (A-Share), Seoul and Jakarta. With an ever-expanding coverage universe of 400+ companies, we provide in depth analysis with unique local color to investors. Consistently being voted the Best Investment Consulting Firm in Taiwan in the AsiaMoney broker poll is evidence of our strength. We target providing an extensive range of research, from small, to mid-sized, to large cap. We bring you the big, well-covered names, as well as going off the beaten track to research the less-familiar companies.
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