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.

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 

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.

<ul><li>We are positive on JOYY’s fundamental improvement and decent shareholder return, backed by Bigo’s continuous recovery and margin enhancement.</li><li>In 3Q23, Bigo achieved the first YoY positive growth within six quarters.</li><li>After its upbeat 3Q23, we expect Bigo’s recovery pace to continue (forecasting rev +1.2% YoY in 4Q23E), supported by solid recovery in developed markets. </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.

We are positive on JOYY’s fundamental improvement and decent shareholder return, backed by Bigo’s continuous recovery and margin enhancement.In 3Q23, Bigo achieved the first YoY positive growth within six quarters.After its upbeat 3Q23, we expect Bigo’s recovery pace to continue (forecasting rev +1.2% YoY in 4Q23E), supported by solid recovery in developed markets. 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.

JOYY Inc (YY US) – Riding on Bigo’s Solid Recovery

<ul><li>JOYY delivered upbeat 2Q23 results, with rev -8% YoY (2% above consensus) and bottom line at US$97mn (212% above consensus).</li><li>Excluding Halo biz adjustment, 3Q23E rev guidance should be largely in line.</li><li>Looking ahead, we expect Bigo live to bottom out in 2H23E (forecasting rev +3%/8.5% QoQ in 3Q/4Q23E), backed by solid growth of the US and Europe, stabilization of the Middle East and campaign promotion. </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.

JOYY delivered upbeat 2Q23 results, with rev -8% YoY (2% above consensus) and bottom line at US$97mn (212% above consensus).Excluding Halo biz adjustment, 3Q23E rev guidance should be largely in line.Looking ahead, we expect Bigo live to bottom out in 2H23E (forecasting rev +3%/8.5% QoQ in 3Q/4Q23E), backed by solid growth of the US and Europe, stabilization of the Middle East and campaign promotion. 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.

JOYY Inc. (YY US) – Better margin outlook, with Bigo to bottom out

<ul><li>JOYY’s 1Q23 result was better-than-feared, with rev -6% YoY (4% above consensus) and bottom line at US$50mn (155% above consensus).</li><li>Given domestic biz adjustment, 2Q23E rev guidance missed 8%. We forecast rev -11% YoY/-9% QoQ in 2Q23E (in which Bigo -3% QoQ, largely in line), partly disrupted by Ramadan and competition in the Middle East.</li><li>We suggest investors to move into 2H23E recovery, with Bigo’s positive growth in Europe &amp; North America and stabilization in the Middle East. </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.

JOYY’s 1Q23 result was better-than-feared, with rev -6% YoY (4% above consensus) and bottom line at US$50mn (155% above consensus).Given domestic biz adjustment, 2Q23E rev guidance missed 8%. We forecast rev -11% YoY/-9% QoQ in 2Q23E (in which Bigo -3% QoQ, largely in line), partly disrupted by Ramadan and competition in the Middle East.We suggest investors to move into 2H23E recovery, with Bigo’s positive growth in Europe &amp; North America and stabilization in the Middle East. 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.

JOYY Inc. (YY US) – 2H23E Recovery in Sight

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.

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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

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

JOYY Inc (YY US) – Riding on Bigo’s Solid Recovery

We are positive on JOYY’s fundamental improvement and decent shareholder return, backed by Bigo’s continuous recovery and margin enhancement.

CMB International

JOYY Inc. (YY US) – Better margin outlook, with Bigo to bottom out

JOYY delivered upbeat 2Q23 results, with rev -8% YoY (2% above consensus) and bottom line at US$97mn (212% above consensus).

CMB International

JOYY Inc. (YY US) – 2H23E Recovery in Sight

JOYY’s 1Q23 result was better-than-feared, with rev -6% YoY (4% above consensus) and bottom line at US$50mn (155% above consensus).

CMB International

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