1 / 15 2021 02 24 - -2021.2.21 - -2021.2.19 - -2021.2.15 Clubhouse S0790520030004 Clubhouse Clubhouse App Clubhouse 2021 2 1 Clubhouse Clubhouse 2 Clubhouse Clubhouse Clubhouse 2021 2 10 Clubhouse / Apple App Store Clubhouse Yalla MENA Tiya Z 1 Yalla MENA Room+Moments Yalla 2020 Yallla 7 2020 Yalla ARPPU 26.9 2 Tiya UGC LIZI.US AmongUsMatch Roblox_Piggy Clubhouse 2021 8 Clubhouse 2021 2 11 App V Yalla -20% -11% -3% 6% 14% 23% 31% 40% 2020-02 2020-06 2020-10 3002 / 15 1 Clubhouse . 3 1.1 Clubhouse . 3 1.2 Clubhouse . 4 2 . 6 2.1 Yalla MENA . 6 2.2 Tiya Z . 9 2.3 . 10 3 . 10 4 . 13 1 Open Social Closed . 3 2 Clubhouse Apple App Store 4.9 . 3 3 Clubhouse . 4 4 Clubhouse . 4 5 Clubhouse App . 5 6 Clubhouse . 5 7 Clubhouse . 5 8 Clubhouse / Apple App Store . 6 9 2021 Clubhouse . 6 10 . 7 11 Moments . 7 12 Yalla . 8 13 2020 Yalla MAU 550 . 8 14 2020 Yalla 104 . 8 15 Yalla ARPPU 2020 26.9 . 9 16 Tiya . 9 17 Tiya App . 10 18 “ ” . 11 19 2021 “ ” . 11 20 . 11 21 . 11 22 2021 2 20 . 12 23 . 12 1 Clubhouse . 6 2 Yalla . 123 / 15 1 Clubhouse 1.1 Clubhouse Clubhouse Clubhouse 2020 3 App Clubhouse App Clubhouse 2021 2 23 Clubhouse Apple App Store 31.7 4.8 1 Open Social Closed 2 Clubhouse Apple App Store 4.8 Clubhouse App Apple App Store 2021 2 23 Clubhouse 1 Club Clubhouse 2 2 2-100 50004 / 15 3 Clubhouse How to G 1.2 Clubhouse Clubhouse 2 Clubhouse 4 Clubhouse Clubhouse App Clubhouse App Start a room5 / 15 5 Clubhouse App Clubhouse App 2021 2 1 10 Clubhouse 5000 Facebook CEO CEO Clubhouse 2021 2 16 17 Ask Me Anything AI 6 Clubhouse 7 Clubhouse Elon Musk 2021 2 23 Clubhouse App 2021 2 236 / 15 Clubhouse Clubhouse Vajresh Balaji 2021 1 1 2 1 Clubhouse 100 600 2021 2 10 Clubhouse / Apple App Store Clubhouse Similar Web 2020 12 1100% 2021 1 57.9 8 Clubhouse / Apple App Store 9 2021 Clubhouse 2021 2 10 Vajresh Balaji 1 Clubhouse 2020 10 9700 - 2020 11 41200 326.49% 2020 12 494600 1100% 2021 1 579100 17.07% Similar Web 2 2.1 Yalla MENA MENA Yalla Group MENA Yalla Yalla Yalla 2020 Yallla MENA 2020 Yallla 77 / 15 10 Yalla App App Moments Yalla Yalla 11 Moments Yalla App8 / 15 12 Yalla Yalla App Yalla MAU ARPPU Yalla 2020 Yalla MAU 550 104 /MAU 18.8% ARPPU Yalla 2020 Yalla ARPPU 26.9 13 2020 Yalla MAU 550 14 2020 Yalla 104 Yalla Yalla 550 0 100 200 300 400 500 600 Yalla MAU 104 0 20 40 60 80 100 120 Yalla9 / 15 15 Yalla ARPPU 2020 26.9 Yalla 2.2 Tiya Z Among Us Tiya UGC LIZI.US 2020 10 Time Up Time to play Among Us KOL Tiya Z AmongUsMatch Roblox_Piggy 2021 2 23 Tiya App iOS 24 16 Tiya Tiya App Apple App Store Z Tiya App Z App 10 Tiya 33.4 27.8 22.3 18.1 36.1 35 27.6 26.9 0 5 10 15 20 25 30 35 40 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 Yalla ARPPU10 / 15 17 Tiya App Tiya App 2.3 Clubhouse Yalla MENA Tiya Z 3 2020 3 2019 10 KTV 1 5 2021 2021 2 13 2021 400011 / 15 18 19 2021 App Clubhouse App Clubhouse 2021 2 11 App 3 App App Clubhouse 20 21 App App V V 2021 2 13 2021 2 20 App Clubhouse 2021 2 22 App12 / 15 22 2021 2 20 23 App App Clubhouse Clubhouse Clubhouse App Meetclub V Yalla 2 Yalla / 2019A 2020E 2021E 2019A 2020E 2021E / YALA.N Yalla 170.68 239 1.53 - - 112 - - 9.8 LIZI.O 65.19 32 (4.13) - - (16) - - 0.2 3700.HK 2.21 44 0.03 - - 74 - - 1.7 Wind Wind 2021 2 23 -W 1 =0.8342 Yalla 1 =6.467713 / 15 4 1 2 314 / 15 2017 7 1 R3 C3 C4 C5 C3 C4 C5 Buy 20% outperform 5% 20% Neutral 5% 5% underperform 5% overweight Neutral underperform 612 A 300 50015 / 15 1788 1 10 200120 2030 1 45 518000 18 C2 16 100044 1 B 5 710065