Jonathan Woo

1H22 revenue/PATMI at 43/42% of our FY22e forecasts. Business messaging potential additional revenue driver because of its growing popularity amongst SME business owners. We maintain a BUY recommendation with a lowered DCF target price of US$221.00 (...

1H22 revenue/PATMI at 48/55% of our FY22e forecasts. We maintain a BUY recommendation with a lowered DCF target price of US$399.00 (prev. US$427. 2Q22 results in line with our expectations.

The rapid expansion of SeaMoney as an additional growth driver, drawing on synergies with Shopee for frictionless transactions; segment revenue expected to grow 5x by FY23e. Shopee’s high growth rate supported by uptick in both Gross Merchandise Valu...

We are OVERWEIGHT on FAANGM as secular tailwinds are intact. Meta saw strong holiday demand for its Oculus products, with much talk focusing around its potential metaverse. - Instagram’s 26% CAGR growth in MAU is more than triple Facebook’s (8%) MAU,...

+ Continued growth in Monthly Active People (MAP). FB recorded strong growth in MAP for Q321, adding about 70mn users QoQ (2%), and growing 11.5% YoY. We view this as an endorsement of the company’s network effect, as well as its ability to continuou...

+ Paid membership additions above company estimates for 3Q21. 4.4mn paid net membership additions a 99% YoY increase compared to 3Q20, almost 1mn more than the company’s projection of 3.5mn, most of the net additions came from EMEA and APAC region. +...