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 expect Huya to deliver upbeat margin in 4Q22E, despite muted livestreaming disrupted by epidemic outbreak which is well priced in.</li><li>We suggest to look beyond soft 1Q23E owing to weak seasonality &amp; epidemic, and expect 2H23E livestreaming to resume positive growth, backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after reopening; and 3) new blockbuster game launch.</li><li>After rearrangement of LoL tournament licensing in Jan 2023, we are more positive on Huya’s margin expansion ahead (forecasting narrowing loss in FY23E and group profit 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.

We expect Huya to deliver upbeat margin in 4Q22E, despite muted livestreaming disrupted by epidemic outbreak which is well priced in.We suggest to look beyond soft 1Q23E owing to weak seasonality &amp; epidemic, and expect 2H23E livestreaming to resume positive growth, backed by: 1) a rebase after the regulatory change in livestreaming in June last year; 2) macro recovery after reopening; and 3) new blockbuster game launch.After rearrangement of LoL tournament licensing in Jan 2023, we are more positive on Huya’s margin expansion ahead (forecasting narrowing loss in FY23E and group profit 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 (HUYA US) – Clear Margin Improvement

<ul><li>HUYA reported better-than-expected 3Q22 results, with upbeat topline and bottom line. Rev -20% YoY, 4% above consensus.</li><li>Non-GAAP GPM was 14.4% (vs. consensus of 7.6%), mainly attributable to lower revenue-sharing fees and content costs.</li><li>Non-GAAP NP recorded at RMB106mn, ahead of consensus at -RMB31mn, backed by higher GPM and effective opex control.</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 reported better-than-expected 3Q22 results, with upbeat topline and bottom line. Rev -20% YoY, 4% above consensus.Non-GAAP GPM was 14.4% (vs. consensus of 7.6%), mainly attributable to lower revenue-sharing fees and content costs.Non-GAAP NP recorded at RMB106mn, ahead of consensus at -RMB31mn, backed by higher GPM and effective opex control.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 beyond soft 4Q22E

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

Thematic (Sector/Industry)

<ul>
<li>Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension</li>
<li>The omission of Tencent and NetEase extended their 11-month drought for new title approvals.</li>
<li>Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games</li>
</ul>


Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight-month suspension
The omission of Tencent and NetEase extended their 11-month drought for new title approvals.
Titles on the latest list are mainly smaller-budget games. Despite the absence of the biggest players, the approvals fanned hopes that regulators are easing their tight leash on the industry and will allow more new games


Tencent, NetEase Miss Out in China’s New Game Approvals

<ul>
<li>The Chinese government has further tightened its grip over video game livestreaming with new rules for platforms providing such content designed to curb teenage addiction to online gaming.</li>
<li>Online platforms that offer films and TV dramas, variety shows, livestreaming arenas or short video services are prohibited from livestreaming video games that are not approved by related authorities</li>
<li>The NRTA described the move as its latest reaction to growing public concern over “issues such as chaotic online livestreaming and gaming addiction among teenagers</li>
</ul>


The Chinese government has further tightened its grip over video game livestreaming with new rules for platforms providing such content designed to curb teenage addiction to online gaming.
Online platforms that offer films and TV dramas, variety shows, livestreaming arenas or short video services are prohibited from livestreaming video games that are not approved by related authorities
The NRTA described the move as its latest reaction to growing public concern over “issues such as chaotic online livestreaming and gaming addiction among teenagers


China Bans Online Platforms From Livestreaming Unapproved Games

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Headline Developments Apple (AAPL) and Goldman Sachs (GS) are reportedly partnering to launch a buy now, pay later (BNPL) service through Apple Pay, according to Bloomberg .  The service will reportedly allow users to spread payments of their purchases across four interest-free payments every two weeks, or across several months with interest.

Headline Developments Apple (AAPL) and Goldman Sachs (GS) are reportedly partnering to launch a buy now, pay later (BNPL) service through Apple Pay, according to Bloomberg .  The service will reportedly allow users to spread payments of their purchases across four interest-free payments every two weeks, or across several months with interest.

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) – Clear Margin Improvement

We expect Huya to deliver upbeat margin in 4Q22E, despite muted livestreaming disrupted by epidemic outbreak which is well priced in.

CMB International

Huya Inc. (HUYA US) – Looking beyond soft 4Q22E

HUYA reported better-than-expected 3Q22 results, with upbeat topline and bottom line. Rev -20% YoY, 4% above consensus. Non-GAAP GPM was 14.4% (vs....

CMB International

Tencent, NetEase Miss Out in China’s New Game Approvals

Chinese regulators cleared publishing licenses Tuesday for 60 online games in this year’s second batch of new title approvals following an eight...

Caixin Global

China Bans Online Platforms From Livestreaming Unapproved Games

The Chinese government has further tightened its grip over video game livestreaming with new rules for platforms providing such content designed to...

Caixin Global

Weekly Innovation Review (WIRE) #40

Headline Developments Apple (AAPL) and Goldman Sachs (GS) are reportedly partnering to launch a buy now, pay later (BNPL) service through Apple

Granite Bay Capital

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