In today’s briefing:
- BILI US, SELL, TP US$14.1, Target Price Change: Thriving Gaming Market Makes Limited Contribution
- Intelligent Wave Inc. (4847 JP) – 3Q Follow-Up
BILI US, SELL, TP US$14.1, Target Price Change: Thriving Gaming Market Makes Limited Contribution
- BILI reported 1Q23 revenue/non-GAAP net income (4.2%)/in-line vs. our estimate, but BILI’s suggested 2Q23 revenue and gross margin are (10%) and (3.5ppts) lower vs. our prior est.;
- Gaming will be BILI’s major swing factor. Although BILI indicated that 2Q23 gaming revenue could decline 10% YoY, we expect that gaming revenue will still grow 6%~ YoY in 2023.;
- We maintain SELL rating and cut TP to US$ 14.1. 1Q23’s earning indicates that BILI’s cost saving measures have led to declining MAU.
Intelligent Wave Inc. (4847 JP) – 3Q Follow-Up
- IWI held an in-person briefing for 3Q FY23/6 results on Friday, May 12 at the Securities Analysts Association of Japan Kabutocho Heiwa Bldg. Annex 3F, which was also livestreamed via IR.
- Stock Investment Information portal site Bridge Salon.
- In SIR’s opinion, this 3Q results presentation hosted by IWI’s CEO and Representative Director Kunimitsu Sato was the most upbeat since he assumed office in Sep-2020.
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