Duyuru • 23h
JOYY Inc. (NasdaqGS:JOYY) announces an Equity Buyback for $600 million worth of its shares. JOYY Inc. (NasdaqGS:YY) announces a share repurchase program. Under the program, the company will repurchase up to $600 million worth of its shares. The program is valid till end of 2028. Reported Earnings • May 26
First quarter 2026 earnings released: EPS: US$1.00 (vs US$36.08 in 1Q 2025) First quarter 2026 results: EPS: US$1.00 (down from US$36.08 in 1Q 2025). Revenue: US$555.7m (up 12% from 1Q 2025). Net income: US$50.3m (down 97% from 1Q 2025). Profit margin: 9.1% (down from 389% in 1Q 2025). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • May 15
JOYY Inc. to Report Q1, 2026 Results on May 25, 2026 JOYY Inc. announced that they will report Q1, 2026 results After-Market on May 25, 2026 New Risk • May 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Cash payout ratio: 125% Dividend yield: 6.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Upcoming Dividend • Apr 15
Upcoming dividend of US$1.38 per share Eligible shareholders must have bought the stock before 22 April 2026. Payment date: 08 May 2026. Trailing yield: 6.4%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (2.8%). Declared Dividend • Mar 16
Fourth quarter dividend of US$1.38 announced Shareholders will receive a dividend of US$1.38. Ex-date: 22nd April 2026 Payment date: 8th May 2026 Dividend yield will be 6.8%, which is higher than the industry average of 1.6%. Sustainability & Growth The dividend has increased by an average of 21% per year over the past 6 years. However, payments have been volatile during that time. EPS is expected to decline by 103% over the next 3 years. Since a fall of 99% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Mar 11
Full year 2025 earnings released: EPS: US$797 (vs US$2.55 loss in FY 2024) Full year 2025 results: EPS: US$797 (up from US$2.55 loss in FY 2024). Revenue: US$2.12b (down 5.1% from FY 2024). Net income: US$2.10b (up US$2.24b from FY 2024). Profit margin: 99% (up from net loss in FY 2024). Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 158% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Duyuru • Mar 03
JOYY Inc. to Report Q4, 2025 Results on Mar 10, 2026 JOYY Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Mar 10, 2026 Upcoming Dividend • Dec 26
Upcoming dividend of US$0.96 per share Eligible shareholders must have bought the stock before 02 January 2026. Payment date: 13 January 2026. Trailing yield: 5.9%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.3%). Reported Earnings • Nov 20
Third quarter 2025 earnings released: EPS: US$1.21 (vs US$1.06 in 3Q 2024) Third quarter 2025 results: EPS: US$1.21 (up from US$1.06 in 3Q 2024). Revenue: US$540.2m (down 3.3% from 3Q 2024). Net income: US$61.6m (up 2.3% from 3Q 2024). Profit margin: 11% (in line with 3Q 2024). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Duyuru • Nov 13
JOYY Inc. to Report Q3, 2025 Results on Nov 19, 2025 JOYY Inc. announced that they will report Q3, 2025 results After-Market on Nov 19, 2025 Upcoming Dividend • Sep 15
Upcoming dividend of US$0.94 per share Eligible shareholders must have bought the stock before 22 September 2025. Payment date: 10 October 2025. Trailing yield: 6.1%. Within top quartile of British dividend payers (5.5%). Higher than average of industry peers (1.7%). Reported Earnings • Aug 27
Second quarter 2025 earnings released: EPS: US$22.91 (vs US$0.87 in 2Q 2024) Second quarter 2025 results: EPS: US$22.91 (up from US$0.87 in 2Q 2024). Revenue: US$507.8m (down 10% from 2Q 2024). Net income: US$60.5m (up 17% from 2Q 2024). Profit margin: 12% (up from 9.2% in 2Q 2024). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Duyuru • Aug 19
JOYY Inc. to Report Q2, 2025 Results on Aug 26, 2025 JOYY Inc. announced that they will report Q2, 2025 results After-Market on Aug 26, 2025 Upcoming Dividend • Jun 16
Upcoming dividend of US$0.94 per share Eligible shareholders must have bought the stock before 23 June 2025. Payment date: 03 July 2025. Trailing yield: 7.6%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (1.5%). New Risk • May 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 77% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings are forecast to decline by an average of 77% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Duyuru • May 16
JOYY Inc. to Report Q1, 2025 Results on May 26, 2025 JOYY Inc. announced that they will report Q1, 2025 results After-Market on May 26, 2025 Reported Earnings • May 01
Full year 2024 earnings released: US$2.55 loss per share (vs US$5.31 profit in FY 2023) Full year 2024 results: US$2.55 loss per share (down from US$5.31 profit in FY 2023). Revenue: US$2.24b (down 1.3% from FY 2023). Net loss: US$147.6m (down 143% from profit in FY 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Apr 10
Upcoming dividend of US$0.93 per share Eligible shareholders must have bought the stock before 17 April 2025. Payment date: 30 April 2025. Trailing yield: 9.5%. Within top quartile of British dividend payers (6.5%). Higher than average of industry peers (1.5%). Duyuru • Mar 20
JOYY Inc. Announces Goodwill Impairment Charges for the Fourth Quarter Ended December 31, 2024 JOYY Inc. announced goodwill impairment charges for the fourth quarter ended December 31, 2024. For the quarter, the company reported the goodwill impairment charges of USD 454,935,000. Reported Earnings • Mar 20
Full year 2024 earnings released: US$2.74 loss per share (vs US$5.31 profit in FY 2023) Full year 2024 results: US$2.74 loss per share (down from US$5.31 profit in FY 2023). Revenue: US$2.24b (down 1.3% from FY 2023). Net loss: US$147.6m (down 143% from profit in FY 2023). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Mar 12
JOYY Inc. to Report Q4, 2024 Results on Mar 19, 2025 JOYY Inc. announced that they will report Q4, 2024 results After-Market on Mar 19, 2025 Reported Earnings • Nov 27
Third quarter 2024 earnings released: EPS: US$1.05 (vs US$1.99 in 3Q 2023) Third quarter 2024 results: EPS: US$1.05 (down from US$1.99 in 3Q 2023). Revenue: US$558.7m (down 1.5% from 3Q 2023). Net income: US$60.2m (down 51% from 3Q 2023). Profit margin: 11% (down from 22% in 3Q 2023). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Nov 27
JOYY Inc. Provides Earnings Guidance for the Fourth Quarter of 2024 JOYY Inc. provided earnings guidance for the fourth quarter of 2024. For the period, the company expects net revenues to be between USD 546 million and USD 563 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties. Duyuru • Nov 13
JOYY Inc. to Report Q3, 2024 Results on Nov 26, 2024 JOYY Inc. announced that they will report Q3, 2024 results After-Market on Nov 26, 2024 New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (46% average weekly change). Earnings are forecast to decline by an average of 3.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • Aug 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (46% average weekly change). Earnings are forecast to decline by an average of 1.2% per year for the foreseeable future. Minor Risks Paying a dividend despite being loss-making. Large one-off items impacting financial results. Reported Earnings • Aug 28
Second quarter 2024 earnings released: EPS: US$0.87 (vs US$2.27 in 2Q 2023) Second quarter 2024 results: EPS: US$0.87 (down from US$2.27 in 2Q 2023). Revenue: US$565.1m (up 3.3% from 2Q 2023). Net income: US$51.7m (down 66% from 2Q 2023). Profit margin: 9.2% (down from 28% in 2Q 2023). Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Aug 28
JOYY Inc. Provides Earnings Guidance Third Quarter of 2024 JOYY Inc. provided earnings guidance third quarter of 2024. For the period, the company expects net revenues to be between USD 555 million and USD 569 million. Duyuru • Aug 14
JOYY Inc. to Report Q2, 2024 Results on Aug 27, 2024 JOYY Inc. announced that they will report Q2, 2024 results After-Market on Aug 27, 2024 Duyuru • Aug 04
JOYY Inc. Announces CEO Changes JOYY Inc. announced that its board of directors has approved a carefully planned leadership succession. Ms. Ting Li, currently Director and Chief Operating Officer of the Company, will succeed Mr. David Xueling Li as Chief Executive Officer, effective immediately. Mr. David Xueling Li will continue serving as a member of the Board, ensuring continuity and supporting ongoing business momentum. Effective immediately, Ms. Ting Li will assume the roles of Chairperson and CEO. She has been with the Company since 2011, serving as Chief Operating Officer since 2016, and joined the Board in November 2023. Her contribution in developing JOYY’s ecosystem and enriching its content and product offerings has been pivotal. Prior to joining the Company, Ms. Li served as a product manager at Tencent from 2006 to 2011 after receiving a bachelor’s degree from South China University of Technology. Duyuru • May 31
Joyy Inc. Provides Earnings Guidance for the Second Quarter of 2024 JOYY Inc. provided earnings guidance second quarter of 2024. For the period, the company expects net revenues to be between USD 538 million and USD 569 million. Reported Earnings • May 29
First quarter 2024 earnings released: EPS: US$0.76 (vs US$0.36 in 1Q 2023) First quarter 2024 results: EPS: US$0.76 (up from US$0.36 in 1Q 2023). Revenue: US$564.6m (down 3.3% from 1Q 2023). Net income: US$44.9m (up 77% from 1Q 2023). Profit margin: 8.0% (up from 4.4% in 1Q 2023). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • May 19
JOYY Inc. to Report Q1, 2024 Results on May 28, 2024 JOYY Inc. announced that they will report Q1, 2024 results After-Market on May 28, 2024 Buy Or Sell Opportunity • May 07
Now 125% overvalued The stock has been flat over the last 90 days, currently trading at US$85.50. The fair value is estimated to be US$38.07, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are forecast to decline by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • May 06
Investor sentiment deteriorates as stock falls 61% After last week's 61% share price decline to US$33.64, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Interactive Media and Services industry in the United Kingdom. Total loss to shareholders of 58% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$14.76 per share. Reported Earnings • Apr 29
Full year 2023 earnings released: EPS: US$5.31 (vs US$1.66 in FY 2022) Full year 2023 results: EPS: US$5.31 (up from US$1.66 in FY 2022). Revenue: US$2.27b (down 6.0% from FY 2022). Net income: US$347.4m (up 191% from FY 2022). Profit margin: 15% (up from 5.0% in FY 2022). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 19
Full year 2023 earnings released: EPS: US$5.71 (vs US$1.66 in FY 2022) Full year 2023 results: EPS: US$5.71 (up from US$1.66 in FY 2022). Revenue: US$2.27b (down 6.0% from FY 2022). Net income: US$347.4m (up 191% from FY 2022). Profit margin: 15% (up from 5.0% in FY 2022). Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Mar 08
JOYY Inc. to Report Q4, 2023 Results on Mar 18, 2024 JOYY Inc. announced that they will report Q4, 2023 results After-Market on Mar 18, 2024 Buying Opportunity • Dec 26
Now 59% undervalued after recent price drop Over the last 90 days, the stock is down 54%. The fair value is estimated to be US$95.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 30
Third quarter 2023 earnings released: EPS: US$2.04 (vs US$7.12 in 3Q 2022) Third quarter 2023 results: EPS: US$2.04 (down from US$7.12 in 3Q 2022). Revenue: US$567.1m (down 3.4% from 3Q 2022). Net income: US$123.9m (down 76% from 3Q 2022). Profit margin: 22% (down from 87% in 3Q 2022). Revenue is forecast to grow 6.8% p.a. on average during the next 3 years, compared to a 8.4% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Nov 30
JOYY Inc. Provides Earnings Guidance for the Fourth Quarter of 2023 JOYY Inc. provided earnings guidance for the fourth quarter of 2023. For the period, Company expects net revenues to be between USD 551 million and USD 579 million. Duyuru • Nov 21
JOYY Inc. to Report Q3, 2023 Results on Nov 29, 2023 JOYY Inc. announced that they will report Q3, 2023 results After-Market on Nov 29, 2023 Valuation Update With 7 Day Price Move • Oct 19
Investor sentiment deteriorates as stock falls 54% After last week's 54% share price decline to US$39.70, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 20x in the Interactive Media and Services industry in the United Kingdom. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 54% After last week's 54% share price decline to US$39.53, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 21x in the Interactive Media and Services industry in the United Kingdom. Total loss to shareholders of 45% over the past three years. Buying Opportunity • Sep 25
Now 62% undervalued after recent price drop Over the last 90 days, the stock is down 54%. The fair value is estimated to be US$104, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 6.0% per annum. Earnings is forecast to decline by 23% per annum over the same time period. Duyuru • Sep 01
JOYY Inc. Declares Dividend for the Second Quarter of 2023, Payable on October 13, 2023 The board of directors of JOYY Inc. declared a dividend of USD 0.20 per ADS, or USD 0.01 per common share, for the second quarter of 2023, which is expected to be paid on October 13, 2023 to shareholders of record as of the close of business on September 26, 2023. The ex-dividend date will be September 25, 2023. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: US$45.35 (vs US$0.23 in 2Q 2022) Second quarter 2023 results: EPS: US$45.35 (up from US$0.23 in 2Q 2022). Revenue: US$547.3m (down 8.2% from 2Q 2022). Net income: US$152.5m (up US$136.1m from 2Q 2022). Profit margin: 28% (up from 2.8% in 2Q 2022). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Duyuru • Aug 30
JOYY Inc. Provides Revenue Guidance for the Third Quarter of 2023 JOYY Inc. provided revenue guidance for the third quarter of 2023. For the period, the company expects net revenues to be between USD 537 million and USD 567 million. This forecast reflects the Company’s current and preliminary views on the market, operational conditions and business strategies, which are subject to changes, particularly as to the potential impact from increasing macroeconomic uncertainties. Buying Opportunity • Aug 28
Now 59% undervalued after recent price drop Over the last 90 days, the stock is down 61%. The fair value is estimated to be US$81.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.8% per annum. Earnings is forecast to decline by 3.3% per annum over the same time period. Duyuru • Aug 24
JOYY Inc. to Report Q2, 2023 Results on Aug 29, 2023 JOYY Inc. announced that they will report Q2, 2023 results After-Market on Aug 29, 2023 Upcoming Dividend • Jun 13
Upcoming dividend of US$0.51 per share at 6.9% yield Eligible shareholders must have bought the stock before 20 June 2023. Payment date: 05 July 2023. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 6.9%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (1.8%). Reported Earnings • Jun 01
First quarter 2023 earnings released: EPS: US$7.22 (vs US$0.41 loss in 1Q 2022) First quarter 2023 results: EPS: US$7.22 (up from US$0.41 loss in 1Q 2022). Revenue: US$583.6m (down 6.4% from 1Q 2022). Net income: US$25.4m (up US$55.1m from 1Q 2022). Profit margin: 4.4% (up from net loss in 1Q 2022). Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • May 25
JOYY Inc. to Report Q1, 2023 Results on May 30, 2023 JOYY Inc. announced that they will report Q1, 2023 results After-Market on May 30, 2023 Buying Opportunity • May 09
Now 63% undervalued after recent price drop Over the last 90 days, the stock is down 65%. The fair value is estimated to be US$79.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings is also forecast to grow by 4.9% per annum over the same time period. Upcoming Dividend • Apr 05
Upcoming dividend of US$0.51 per share at 6.5% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 28 April 2023. Trailing yield: 6.5%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (1.8%). Reported Earnings • Mar 17
Full year 2022 earnings released: EPS: US$1.72 (vs US$1.60 loss in FY 2021) Full year 2022 results: EPS: US$1.72 (up from US$1.60 loss in FY 2021). Revenue: US$2.41b (down 7.9% from FY 2021). Net income: US$119.5m (up US$244.6m from FY 2021). Profit margin: 5.0% (up from net loss in FY 2021). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 28
Now 69% undervalued after recent price drop Over the last 90 days, the stock is down 61%. The fair value is estimated to be US$105, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.8% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 7.9% per annum. Earnings is forecast to decline by 51% per annum over the same time period. Upcoming Dividend • Dec 15
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 22 December 2022. Payment date: 13 January 2023. Trailing yield: 6.0%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (2.0%). Reported Earnings • Nov 30
Third quarter 2022 earnings released: EPS: US$7.12 (vs US$0.068 in 3Q 2021) Third quarter 2022 results: EPS: US$7.12 (up from US$0.068 in 3Q 2021). Revenue: US$586.7m (down 9.8% from 3Q 2021). Net income: US$512.9m (up US$507.6m from 3Q 2021). Profit margin: 87% (up from 0.8% in 3Q 2021). Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Co-Founder, Chairman & CEO David Li was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 19
Now 72% undervalued after recent price drop Over the last 90 days, the stock is down 68%. The fair value is estimated to be US$96.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 8.4% in 2 years. Earnings is forecast to grow by 102% in the next 2 years. Upcoming Dividend • Sep 14
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 06 October 2022. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of British dividend payers (5.5%). Higher than average of industry peers (1.8%). Reported Earnings • Aug 30
Second quarter 2022 earnings released: EPS: US$0.23 (vs US$1.43 loss in 2Q 2021) Second quarter 2022 results: EPS: US$0.23 (up from US$1.43 loss in 2Q 2021). Revenue: US$596.1m (down 9.9% from 2Q 2021). Net income: US$16.4m (up US$128.1m from 2Q 2021). Profit margin: 2.8% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 5.6%, compared to a 12% growth forecast for the Interactive Media and Services industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 15
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 06 July 2022. The company is not currently making a profit and there are not enough cash flows to support it either. Trailing yield: 6.6%. Within top quartile of British dividend payers (5.0%). Higher than average of industry peers (2.2%). Buying Opportunity • Jun 02
Now 66% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be US$254, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Jun 02
First quarter 2022 earnings released: US$0.41 loss per share (vs US$1.13 loss in 1Q 2021) First quarter 2022 results: US$0.41 loss per share (up from US$1.13 loss in 1Q 2021). Revenue: US$623.8m (down 3.0% from 1Q 2021). Net loss: US$29.7m (loss narrowed 67% from 1Q 2021). Over the next year, revenue is forecast to grow 4.6%, compared to a 10% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 88 percentage points per year, which is a significant difference in performance. Reported Earnings • May 02
Full year 2021 earnings released: US$1.60 loss per share (vs US$0.48 loss in FY 2020) Full year 2021 results: US$1.60 loss per share (down from US$0.48 loss in FY 2020). Revenue: US$2.62b (up 37% from FY 2020). Net loss: US$125.1m (loss widened 226% from FY 2020). Over the next year, revenue is forecast to grow 9.6%, compared to a 16% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 4 highly experienced directors. Co-Founder, Chairman & CEO David Li was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Apr 06
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 13 April 2022. Payment date: 29 April 2022. The company is not currently making a profit and is not cash flow positive. Trailing yield: 5.1%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (1.7%). Breakeven Date Change • Mar 17
Forecast breakeven date moved forward to 2022 The 21 analysts covering JOYY previously expected the company to break even in 2023. New consensus forecast suggests the company will make a profit of US$91.1m in 2022. Earnings growth of 78% is required to achieve expected profit on schedule. Upcoming Dividend • Dec 02
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 23 December 2021. Trailing yield: 4.0%. Lower than top quartile of British dividend payers (4.1%). Higher than average of industry peers (1.0%). Reported Earnings • Nov 18
Third quarter 2021 earnings released: EPS US$0.067 (vs US$4.20 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$650.5m (down 30% from 3Q 2020). Net income: US$5.29m (down 98% from 3Q 2020). Profit margin: 0.8% (down from 36% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Sep 02
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 29 September 2021. Trailing yield: 3.1%. Lower than top quartile of British dividend payers (3.8%). Higher than average of industry peers (1.0%). Reported Earnings • Aug 19
Second quarter 2021 earnings released: US$1.41 loss per share (vs US$1.13 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: US$661.7m (down 20% from 2Q 2020). Net loss: US$111.7m (down 224% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 10
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 17 June 2021. Payment date: 28 June 2021. Trailing yield: 2.8%. Lower than top quartile of British dividend payers (4.0%). Higher than average of industry peers (1.1%). Reported Earnings • May 28
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$643.1m (down 36% from 1Q 2020). Net loss: US$89.7m (down 272% from profit in 1Q 2020). Reported Earnings • May 03
Full year 2020 earnings released: CN¥3.01 loss per share (vs CN¥43.76 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: CN¥13.2b (down 48% from FY 2019). Net loss: CN¥240.6m (down 107% from profit in FY 2019). Upcoming Dividend • Apr 09
Upcoming dividend of US$0.51 per share Eligible shareholders must have bought the stock before 16 April 2021. Payment date: 30 April 2021. Trailing yield: 2.0%. Lower than top quartile of British dividend payers (4.3%). Higher than average of industry peers (1.0%). Reported Earnings • Mar 27
Full year 2020 earnings released: CN¥3.01 loss per share (vs CN¥43.76 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: CN¥13.2b (down 48% from FY 2019). Net loss: CN¥240.6m (down 107% from profit in FY 2019). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to CN¥122, the stock is trading at a trailing P/E ratio of 17.7x, down from the previous P/E ratio of 20.8x. This compares to an average P/E of 40x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past year are 117%. Valuation Update With 7 Day Price Move • Feb 05
Investor sentiment improved over the past week After last week's 18% share price gain to CN¥110, the stock is trading at a trailing P/E ratio of 15.6x, up from the previous P/E ratio of 13.2x. This compares to an average P/E of 37x in the Interactive Media and Services industry in Europe. Total returns to shareholders over the past year are 72%. 
