Summary

• JOYY is undergoing a successful transformation, evidenced by Q1 revenue growth of 12.4% YoY. The market, however, seems to have turned a blind eye to this turnaround success.
• BIGO Ads is now a major growth driver, contributing 23% of revenue and showing strong momentum in ad network expansion and new verticals.
• JOYY offers an attractive total shareholder yield near 15%, supported by a robust $3.18 billion net cash position and consistent positive cash flow.
• Despite operational improvements and diversification, JOYY trades near net cash value, presenting a contrarian opportunity amid ongoing FX and investment risks.

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