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YY Inc. (YY) reported better-than-expected first quarter 2023 results, with revenue growth of -6% YoY, beating market expectations of 4%. The non-GAAP净利润 was $50 million, up 155% YoY, driven by strict S&M expenses. The company also announced plans to increase its share buyback program and revise guidance for the second quarter due to business adjustments in other departments. Bigo's revenue is expected to decline by 3% in Q2 2023, but recover gradually, with positive growth in Europe and North America. The company's non-GAAP OPM is expected to remain stable, while the group's adjusted NPM is expected to decline by 5.8-7.0% YoY. The stock price is currently trading at $27.00, with a P/E ratio of 9.7 and a P/S ratio of 0.8. We maintain our "buy" rating and TP of $46.00, with a potential upside of 70%.
