JOYY: A 'Buy' On Above-Expectations Results And Guidance

I have retained a "Buy" rating for JOYY, following my assessment of its performance and prospects. JOYY's advertising revenue surged 62% YoY, offsetting legacy live-streaming headwinds in 4Q2025. This was the main reason for its 2.8% group-level top line beat during the same period. Management guides for a 9.8% YoY Q1 2026 top line increase, which should be driven by the ongoing non-livestreaming segment diversification.