0527 GMT - JOYY's earnings may benefit from its business strategy's focus on developed countries and high-average revenue per user, Daiwa Capital Markets' John Choi says in a research report. JOYY's major business lines will probably bottom out in 4Q, the analyst says. Its 'Bigo Live" social media platform continues to remove low-quality users while its traffic allocation and user acquisition will focus more on developed countries and regions. Hence, management sees 'Bigo Live' users and paying user growth returning to positive territory in 2025. The brokerage lifts its 2024-2026 EPS estimates for the company by 8%-23%. Daiwa raises the American depositary receipt's target price to US$42.00 from US$36.00 with unchanged outperform rating. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 29, 2024 00:27 ET (05:27 GMT)
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