External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Huya’s 1Q24 results beat on margin, with topline/bottom line 1%/84% above consensus.</li><li>Looking into 2Q24E, we expect revenue to achieve 5% QoQ growth, in which livestreaming would bottom out and others revenue +25% OoQ.</li><li>We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya’s 1Q24 results beat on margin, with topline/bottom line 1%/84% above consensus.Looking into 2Q24E, we expect revenue to achieve 5% QoQ growth, in which livestreaming would bottom out and others revenue +25% OoQ.We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya (HUYA US) - Fundamentals to Bottom Out

<ul><li>Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).</li><li>Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.</li><li>We forecast stable topline YoY in FY24E, with advertising &amp; other revenues at tripledigit-growth YoY. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%).Looking into FY24E, we suggest to focus on its margin improvement and game monetization from more titles cooperation.We forecast stable topline YoY in FY24E, with advertising &amp; other revenues at tripledigit-growth YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya (HUYA US) - Margin Improvement to Continue

<ul><li>Huya delivered better-than-feared 3Q23 results, with rev 8% above consensus and adj.</li><li>NPM at 6.3% (vs. consensus of -4.1%). Livestreaming headwinds might linger into 4Q23E, but well priced in.</li><li>We suggest focusing on its game monetization and better margin outlook in FY24E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered better-than-feared 3Q23 results, with rev 8% above consensus and adj.NPM at 6.3% (vs. consensus of -4.1%). Livestreaming headwinds might linger into 4Q23E, but well priced in.We suggest focusing on its game monetization and better margin outlook in FY24E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Looking at Game Monetization and Better Margin

<ul><li>Huya delivered mixed 2Q23 results, with soft topline but upbeat margin.</li><li>Looking ahead, Huya will step into a transition period with three-year strategic change.</li><li>Given livestreaming headwinds (regulation tightening, competition, macro, etc.), Huya plans to reallocate resources to explore new opportunities – game biz (expected to contribute 30% of total rev in FY25E). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya delivered mixed 2Q23 results, with soft topline but upbeat margin.Looking ahead, Huya will step into a transition period with three-year strategic change.Given livestreaming headwinds (regulation tightening, competition, macro, etc.), Huya plans to reallocate resources to explore new opportunities – game biz (expected to contribute 30% of total rev in FY25E). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Shift to Game Monetization in Transition Year

<ul><li>Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).</li><li>2Q23E guidance was mixed on muted livestreaming (time spent shifted to offline on holidays and conservative operation) but better ads &amp; margin.</li><li>We forecast 2Q23E rev stable QoQ (1% below consensus), with adj. NPM at 1.4% (vs. consensus at -0.4%). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).2Q23E guidance was mixed on muted livestreaming (time spent shifted to offline on holidays and conservative operation) but better ads &amp; margin.We forecast 2Q23E rev stable QoQ (1% below consensus), with adj. NPM at 1.4% (vs. consensus at -0.4%). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Huya Inc. (HUYA US) – Better margin improvement ahead

United States

HUYA Inc. operates as a game live streaming platform. The Company offers interactive video broadcast services including e-sports, music, reality show, entertainment genres, talent shows, and anime and outdoor activities. HUYA serves customers in China.

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HUYA (HUYA US)

Huya (HUYA US) - Fundamentals to Bottom Out

We are positive on Huya’s game-related business monetization and expect upside from multiple titles cooperating with Tencent (e.g. DNF Mobile).

CMB International

Huya (HUYA US) - Margin Improvement to Continue

Huya delivered upbeat 4Q23 results, with revenue 2% above consensus and adj. NPM at -12.4% (vs. consensus of -13.9%). Looking into FY24E, we...

CMB International

Huya Inc. (HUYA US) – Looking at Game Monetization and Better Margin

Huya delivered better-than-feared 3Q23 results, with rev 8% above consensus and adj. NPM at 6.3% (vs. consensus of -4.1%). Livestreaming headwinds...

CMB International

Huya Inc. (HUYA US) – Shift to Game Monetization in Transition Year

Huya delivered mixed 2Q23 results, with soft topline but upbeat margin. Looking ahead, Huya will step into a transition period with three-year...

CMB International

Huya Inc. (HUYA US) – Better margin improvement ahead

Despite soft seasonality and epidemic impact, Huya delivered better-than-feared 1Q23 results (with upbeat rev and better margin).

CMB International

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