We initiate coverage of Momo with an Overweight rating and Jun-17 PT of US$26. The expansion into live broadcasting has proven to be the right move forMomo, in our view, to leverage its strength as a social platform. We believe the monetization potential of live broadcasting has just kicked in and that it has ample room to grow in both paying ratio and ARPU. Furthermore, the success of live broadcasting should drive profitability improvement. $陌陌(MOMO)$