New Street Research - Bilibili Inc. Sponsored ADR Class Z (BILI) BILI 1Q23 Results: 2H Outlook Dependent on New Game Launches

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New Street Research

Jin Yoon

BILI 1Q23 Results: 2H Outlook Dependent on New Game Launches

What's new: Bilibili’s reported 1Q23 top line results were largely in-line with consensus but below our expectations. Gaming could remain challenging in 2Q and that 2H recovery could be dependent on new game launches including the highly anticipated title Pretty Derby. We lower our PT from USD40 to USD30 as near-term outlook could remain challenging amid deceleration in user growth. Our new PT of USD30 implies 3.8x FY24 EV/Revs. We maintain our Buy rating.

Analysts:
Jin Yoon

02/06/2023 1 EN

Underlying

Bilibili Inc. Sponsored ADR Class Z

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US0900401060 NASDAQ Stock Market Cayman Islands

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Analysts

Jin Yoon

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BILI 1Q23 Results: 2H Outlook Dependent on New Game Launches

Bilibili Inc. Announces Results of Annual General Meeting

Bilibili Inc. Announces Completion of the Repurchase Right of Its 1.25% Convertible Senior Notes due 2027

Bilibili Inc. Announces Completion of US$690 Million Convertible Senior Notes and Offering of Class Z Ordinary Shares in Connection with Hedging Transactions of Certain Convertible Notes Investors and Terms of Concurrent Repurchase

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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