- 17LIVE's 1H25 PATMI missed our forecast despite turning profitable and improving by US$3.8mil y-o-y, forming 32% of FY25e estimates. Gross profit trends varied across geographies, with Japan plunging 23.8% y-o-y, while Taiwan soared 18.2% y-o-y.
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- With 2H seasonally stronger due to major events such as the Summer Festival, we expect more meaningful contributions in 2H25.
- Note: Phillip Securities Research received monetary compensation for producing this report.
The Positives:
V-liver revenue continues to grow.
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MAU bottomed out.
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