We believe the company is a growth and margin-expansion story, enhancing its advertising capabilities while investing for new opportunities in live streaming ecommerce. Our PT of HKD85 is based on 11x 2025E EV/EBITDA multiple, in line with global peers but at discount to high-growth commerce platforms. Bull: If the company can successfully execute on its advertising business with improved ad loads, increased eCPMs, while also maintaining or growing user engagement, and executing on its monetization and growth of livestreaming-based ecommerce, we believe margin expansion and revenue growth will accelerate, resulting in an estimated revenue CAGR of 17% and a EBITDA margin of 23%, above our estimates of 15% and 21%, respectively. At a result, we believe the stock would deserve a higher multiple at 15x FY25 EV/EBITDA; our bull case PT is HKD110.