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

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

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 4Q: Gaming to Drop Further with In-House Developed Strategy

Bilibili (BILI US) – Evolving to a self-sustained business model

Bilibili(Bili.US) 4Q22 Preview: Raise TP for More Optimistic Outlook in 2023

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>BILI's 4Q22 top line was basically in line, while non-GAAP net loss beat cons. by 8.28%. We largely dial down 2023 revenue forecast. </li>
<li>Moreover, we also suggest that recent meeting by the National Radio and Television Administration (NRTA) to curb short video addiction for minor protection would heavily impact BILI.</li>
<li>Maintain SELL and cut TP to US$ 15.4, which implies 1.85X PS in 2023.</li>
</ul>


BILI's 4Q22 top line was basically in line, while non-GAAP net loss beat cons. by 8.28%. We largely dial down 2023 revenue forecast. 
Moreover, we also suggest that recent meeting by the National Radio and Television Administration (NRTA) to curb short video addiction for minor protection would heavily impact BILI.
Maintain SELL and cut TP to US$ 15.4, which implies 1.85X PS in 2023.


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