MOMO: Expect In Line 3Q18 As Political and Economic Environments Impact Topline Growth; Maintain Buy Rating But Lower Price Target

  • MOMO: Expect In Line 3Q18 As Political and Economic Environments Impact Topline Growth; Maintain Buy Rating But Lower Price Target

MOMO will report 3Q18 results in late November. Based on our data and model, we believe MOMO’s 3Q18 revenue is likely to reach about US$533.5M (exchange rate at RMB6.8055 = USD 1), in line with consensus at US$534.4M, and within its guidance range of US$525M – US$541M. The company also needs to invest in Tantan, and as such, we believe the margin is likely to be lower than 2Q18 and 3Q17.

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