欢聚：Looking beyond 2Q24E’s soft seasonality

M N 30 May 2024 CMB International Global Markets | Equity Research | Company Update JOYY Inc (YY US) Looking beyond 2Q24E’s soft seasonality Target Price US$47.00 JOYY delivered an upbeat 1Q24, but revenue guidance for 2Q24E slightly (Previous TP US$50.50) missed consensus by 2%. Given soft seasonality of livestreaming, we Up/Downside 50.0% expect total revenue +1.2% YoY in 2Q24E, with adj. net profit at US$50mn. Current Price US$31.33 We estimate Bigo’s ramp-up of ads would partly offset livestreaming soft ...