T. H. Data Flash – Momo Inc. (MOMO) – August & 3Q19E: Higher MOMO Live User Growth And Relaunch Of Tantan Are Positive For 3Q19 Performance; Maintain Buy Rating
We are positive on MOMO’s performance in 3Q19, as both of MOMO’s live and VAS businesses grew nicely. After Tantan APP was relaunched on APP stores in July, its popularity and user base came back. MOMO’s live broadcasting business was also growing nicely driven by the growth of concurrent users. Based on our data, we believe the total revenue in 3Q19E is likely to be higher than consensus at RMB4,295M. We maintain our Buy rating.