Professional Special Situation Investor, TripleS Special Situation Investing

Triple S Special Situations Investing

Professional Special Situation Investor

TripleS Special Situation Investing

Professional Special Situation Investor with over 20 years of experience.

Equity Bottom-Up

<ul><li>Let’s start with our favorite country in Asia. JOYY operates livestreaming platforms and advertising technology and has been a historically profitable company.</li><li>The company has a $3.6 Billion market cap with close to $2 billion/year of revenue.</li><li>JOYY is sitting on $3.3 billion in net cash as of Q3 2025. That’s not a typo.</li></ul>

Let’s start with our favorite country in Asia. JOYY operates livestreaming platforms and advertising technology and has been a historically profitable company.The company has a $3.6 Billion market cap with close to $2 billion/year of revenue.JOYY is sitting on $3.3 billion in net cash as of Q3 2025. That’s not a typo.

Equity Research Analyst - Long-Short

Raj S, CA, CFA

<ul>
<li>Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.</li>
<li>Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.</li>
<li>This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.</li>
</ul>


Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.


2026 High Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China</li><li>Corruption /: New probe into former Hubei leader brought down by Covid pandemic</li><li>Trade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says</li></ul>

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of ChinaCorruption /: New probe into former Hubei leader brought down by Covid pandemicTrade /: Washington wants to seal new trade deal with Beijing, ex-U.S. Treasury Secretary says

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China 

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a <em>voluntary</em> best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No <em>en masse</em> upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI China ETF / Technical Analysis

<ul>
<li>We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.</li>
<li>We continue to expect rangebound price action in the months ahead on the MSCI ACWI.</li>
<li>And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)</li>
</ul>


We remain neutral on global equities (MSCI ACWI), we believe upside remains limited with the MSCI ACWI (ACWI-US), S&amp;P 500, and several European indexes still below major resistance.
We continue to expect rangebound price action in the months ahead on the MSCI ACWI.
And, rangebound price action could very well be the theme for all of 2023 (with resistance at $93 and support at $75-77 on ACWI-US)


Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

China

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

JOYY (YY US)

Degen Stock Special

Let’s start with our favorite country in Asia. JOYY operates livestreaming platforms and advertising technology and has been a historically...

Triple S Special Situations Investing

2026 High Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Smallcap Deep-Value: JOYY US - $3.3bn in Net cash + 10% shareholder yield through dividends and buybacks supported by mature FCF, while building Ad...

Raj S, CA, CFA

CX Daily: How Cryptocurrency Gets Used to Move Billions of Yuan in and out of China

Cryptocurrencies / In Depth: How cryptocurrency gets used to move billions of yuan in and out of China When police in East China’s Shandong...

Caixin Global

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

Hang Seng and MSCI China Bottoming -- Add; Europe Still Leading; Shift From U.S. To Non-U.S.

We remain neutral on global equities $ACWI and expect rangebound price action in the months (possibly year) ahead. Specific $ACWI trading range we...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)