Margin improvement to continue

M N 21 Mar 2024 CMB International Global Markets | Equity Research | Company Update Huya (HUYA US) Margin improvement to continue Target Price US$6.80 Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. (Previous TP US$6.80) NPM at -12.4% (vs. consensus of -13.9%). Looking into FY24E, we suggest to focus Up/Downside +54.5% on its margin improvement and game monetization from more titles cooperation. We Current Price US$4.40 forecast stable topline YoY in FY24E, with advertising & ot ...