Deutsche Bank: The outlook for Huanju may be supported by advertising business and strong shareholder returns, maintaining a buy rating.

Deutsche Bank analyst Leo Chiang released a research report stating that the recent prospects of Joyy may be supported by advertising business and strong shareholder returns. Non-live streaming revenue growth could accelerate in the second quarter, especially in advertising, driven by favorable seasonal factors and the company's increasing focus on this business. However, the analyst lowered the revenue forecast for fiscal year 2025 by 3% due to weak prospects for live streaming business, but basically maintained the adjusted net profit forecast unchanged to reflect a better profit margin outlook. The investment bank said that the company's strong shareholder returns are attractive. The investment bank maintains a buy rating on the stock with a target price of $60.00.