Recent industry research by DBS highlights advertising technology as a mature AI application sector, delivering the highest return on investment in AI capital expenditures. The global mobile app advertising market is projected to grow at a 9% CAGR, reaching $534 billion by FY2029, with gaming, e-commerce, and other verticals (including social apps) accounting for approximately 20%, 50%, and 30% respectively.

Third-party ad platforms like JOYY Inc. (JOYY.US), which possess robust AI bidding capabilities, are experiencing rapid compound growth by capturing market share in a fragmented landscape through superior ad ROI. The global expansion of Asian gaming, e-commerce, and short-video apps further fuels demand for such platforms.

JOYY Inc. is strategically positioned in global ad tech and cross-border e-commerce SaaS, backed by a strong net cash reserve of $3.3 billion (over 100% of market cap) as of Q2 2025. Under its 2025–2027 shareholder return program, the company plans to return up to $900 million, including $600 million in dividends (~6% yield) and up to $300 million in buybacks (~3% of market cap). Its stable live-streaming revenue continues to serve as a cash cow, while the rapidly growing ad business enhances bullish market sentiment. DBS affirms JOYY’s compelling value-growth proposition.