Core Insights - Morgan Stanley has raised its target price for JOYY to US$62 from US$40, indicating improving fundamentals in JOYY's core business, accelerating advertising growth, and attractive shareholder returns [1] Business Performance - JOYY's live-streaming business may have bottomed out since 2Q25, with a reported 1% quarter-over-quarter growth and positive management comments on revenue growth, expecting further improvement in 2H25 and more growth in 2026-2027 [2] - The advertising business is projected to be the main growth driver in 2026-2027, with strong revenue momentum in the first half of 2025, following over 175% year-over-year growth in 2024. Forecasts include 26% year-over-year growth in 2H25 and 20% in 2026 [3] Shareholder Returns - JOYY has announced a three-year quarterly dividend policy totaling approximately US$600 million, along with a share repurchase program of up to US$300 million during 2025-2027. In 1H25, JOYY allocated US$135 million to dividends and share buybacks, with Morgan Stanley assuming US$300 million in annual investor returns [4]

Core Insights - Meta Platforms reported second-quarter revenue that exceeded expectations, indicating strong growth in its advertising business, which supports significant investments in artificial intelligence [1] - Following the earnings announcement, Meta's stock surged by 10% in after-hours trading [1] - The company forecasts third-quarter revenue to be between $47.5 billion and $50.5 billion, reflecting continued growth [1] Financial Projections - Meta has raised its lower end of the capital expenditure forecast for fiscal year 2025, indicating ongoing investments in talent, infrastructure, data centers, and energy [1] - The company now expects total capital expenditures for the year to be between $66 billion and $72 billion, an increase from the previous forecast of $64 billion to $72 billion [1]