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>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

<ul><li>JOYY delivered upbeat 4Q22 results, with rev -9% YoY (in line) and bottom line at US$50mn (82% above consensus).</li><li>1Q23E rev guidance was 1% below consensus, on macro headwinds and soft seasonality.</li><li>We forecast rev -9% YoY/- 7% QoQ in 1Q23E (in which Bigo -5% QoQ), dragged by CNY &amp; Ramadan disruptions and competition pressure. </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 4Q22 results, with rev -9% YoY (in line) and bottom line at US$50mn (82% above consensus).1Q23E rev guidance was 1% below consensus, on macro headwinds and soft seasonality.We forecast rev -9% YoY/- 7% QoQ in 1Q23E (in which Bigo -5% QoQ), dragged by CNY &amp; Ramadan disruptions and competition pressure. 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) – Moving into 2H23E recovery

<ul><li>We expect JOYY to deliver in-line 4Q22E, with rev -9% YoY (unchanged) and bottom line at US$2mn (margin diluted by Shopline loss).</li><li>As a typical soft season, we expect 1Q23E rev declined 6% QoQ, dragged by CNY &amp; Ramadan disruptions and competition pressure.</li><li>With rising paying users and Middle East stabilization, Bigo would resume growth in 2H23E, in our view. </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 expect JOYY to deliver in-line 4Q22E, with rev -9% YoY (unchanged) and bottom line at US$2mn (margin diluted by Shopline loss).As a typical soft season, we expect 1Q23E rev declined 6% QoQ, dragged by CNY &amp; Ramadan disruptions and competition pressure.With rising paying users and Middle East stabilization, Bigo would resume growth in 2H23E, in our view. 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) – Looking beyond 1Q23E soft seasonality

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.

JOYY (YY US)

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

JOYY Inc. (YY US) – Moving into 2H23E recovery

JOYY delivered upbeat 4Q22 results, with rev -9% YoY (in line) and bottom line at US$50mn (82% above consensus). 1Q23E rev guidance was 1% below...

CMB International

JOYY Inc. (YY US) – Looking beyond 1Q23E soft seasonality

We expect JOYY to deliver in-line 4Q22E, with rev -9% YoY (unchanged) and bottom line at US$2mn (margin diluted by Shopline loss).

CMB International