MD, Blue Lotus Research Institute

Gu Jun, CFA

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Equity Bottom-Up

● We see the new Momo-Tantan group could be compared to Match Group, the leading online dating platform in the U.S.● We are overall positive toward online dating business because of user behaviour change, new technology, and new monetization methods.● We expect Momo’s growth is re-accelerating because of its internal changes for the past three quarters. Raise 18 EPS from US$ 2.05 to $2.25 and TP from US$ 38 to $42, maintain BUY.

● We see the new Momo-Tantan group could be compared to Match Group, the leading online dating platform in the U.S.● We are overall positive toward online dating business because of user behaviour change, new technology, and new monetization methods.● We expect Momo’s growth is re-accelerating because of its internal changes for the past three quarters. Raise 18 EPS from US$ 2.05 to $2.25 and TP from US$ 38 to $42, maintain BUY.

Momo Inc. (Nasdaq: MOMO) Tantan and PGC Accelerate Growth, Raise TP

United States

Match Group, Inc. is a dating service provider. The Company offers diverse portfolio of apps and services which enables connections across the spectrum of age, race, gender, sexual orientation, and backgrounds. Match Group serves customers worldwide.

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Match Group (MTCH US)

Momo Inc. (Nasdaq: MOMO) Tantan and PGC Accelerate Growth, Raise TP

● We see the new Momo-Tantan group could be compared to Match Group, the leading online dating platform in the U.S.● We are overall positive toward...

Blue Lotus Research Institute

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