In today’s briefing:
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical
- [Bilibili Inc. (BILI US, SELL, TP US$9) Target Price Change]: Niche Player Faces Market Saturation
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Glosel, CIMC, Orecorp, Tietto Mineral, Lansen Pharmaceutical
- I tally 42 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals discussed on Smartkarma this week: Glosel (9995 JP)‘s Tender Offer; and the indicative Offer for CIMC Vehicle Group Co Ltd (1839 HK)‘s H-shares.
- Key updates on: Orecorp Ltd (ORR AU), Tietto Minerals Ltd (TIE AU), and Lansen Pharmaceutical Holdings Co, Ltd. (503 HK)
[Bilibili Inc. (BILI US, SELL, TP US$9) Target Price Change]: Niche Player Faces Market Saturation
- Bilibili reported C3Q23 revenue, operating profit, and GAAP net income inline, 4.37%, (21.6%) vs. consensus. The miss was primarily due to ineffective investment in game studio and related costs.
- We are bearish on BILI’s game pipeline as ACGN is already a crowded market with well-entrenched competitors
- We maintain our SELL rating and cut the TP from US$ 12.3 to US$ 9.04, and consider that it is unlikely for them to breakeven in 2024
💡 Before it’s here, it’s on Smartkarma
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