T. H. Data Flash - Huya Inc. – August & 3Q19E: Positive on 3Q19E Performance Driven By User Growth

  • T. H. Data Flash - Huya Inc. – August & 3Q19E: Positive on 3Q19E Performance Driven By User Growth

We are positive on HUYA’s 3Q19E performance. Based on our data and model, we believe Huya’s revenue is likely to beat consensus at RMB2,133M. The better performance is driven by high user growth, which is the result of rich e-sport tournaments in the quarter. There are four major e-sport vendors in China, including Huya, DouYu (DOYU, $8.24, Not Rated), QQ eSport and Kuaishou, but all of them are invested by Tencent (700.HK, HK$322.80, Not Rated). Therefore, we don’t believe there will be any damaging competition among these vendors. In the long run, we believe Huya is likely to continue to lead in the sector.

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