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 (BILI US) - Revitalizing Business Model; Intact Breakeven Target

[Kuaishou (1024 HK, BUY, TP HK$83) Target Price Change]: Out-Performance in Off-Season Thanks to GAI

[Tencent (700 HK, BUY, TP HK$450) TP Change]: Market Finally Starting to Recognize Tencent’s Value

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

Analyst - Media&Entertainment Sector, Blue Lotus Research Institute

Stan Zhao

Analyst - Media&Entertainment Sector

Thematic (Sector/Industry)

Hong kong Software / Thematic (Sector/Industry)

<ul>
<li>Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.</li>
<li>Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;</li>
<li>NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.</li>
</ul>


Bilibili's &lt;Three Kingdom: MDTX&gt; achieved excellent results on its release day, leading us to raise our AGB estimation by ~20%.
Tencent's &lt;Naruto&gt; and &lt;Fight of Golden Spatula&gt; have seen a rapid rise in player reputation due to the success of recent events and operations, leading us to raise their estimates;
NetEase's &lt;Justice Mobile&gt; has experienced a decline in gross billings due to the game's lifespan, while pre-registrations for &lt;Where Winds Meet&gt; have reached a new high. We adjusted accordingly.


Online Game Monitor: June 2-16, 2024