China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

BILI US, SELL, TP US$14.1, Target Price Change: Thriving Gaming Market Makes Limited Contribution

[Bilibili (BILI US, SELL, TP US$12.3) TP Change]: The Launch Of "Uma Musume" May Face More Delay

[Bilibili(BILI US, SELL, TP US$12.3)Update]: Still Struggling to Balance Growth and Monetization

[Bilibili Inc. (BILI US) Target Price Change]: Minor Protection Would Be a Pending Issue

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>We estimate that BILI’s 1Q23 rev./adj. net income are 3%/11% vs cons. </li>
<li>We raise gaming/ads revenue starting from 2Q23 because of 1) an increasing number of newly approved games; and 2) increasing possibilities that pre-roll ads could be launched. </li>
<li>Yet, we still maintain SELL rating and TP unchanged because of concerns about its content ecosystem. Our TP implies 1.7X PS in 2023.</li>
</ul>


We estimate that BILI’s 1Q23 rev./adj. net income are 3%/11% vs cons. 
We raise gaming/ads revenue starting from 2Q23 because of 1) an increasing number of newly approved games; and 2) increasing possibilities that pre-roll ads could be launched. 
Yet, we still maintain SELL rating and TP unchanged because of concerns about its content ecosystem. Our TP implies 1.7X PS in 2023.


[Bilibili Inc. (BILI US, SELL, TP US$15.4)]: Long-Term Challenge Exists Amid Short-Term Catalysts