BILI 3Q23 Results: FY23 Revs at the Low-End of the Guided Range
What's new: Bilibili’s reported 3Q23 top-line results were largely in-line with consensus and our expectations. Due to lower-than-expected mobile game revenues, total net revenues could be at the low-end of the guided range of RMB22.5bn to RMB23.5bn. Recovery in gaming would be partly dependent on resumption of new user download from Pretty Derby. We lower our PT from USD 30 to USD 25 due to lowered outlook for FY24. Our revised PT of USD25 implies a 2.6x FY24E EV/Revs. We maintain our Buy rating.Analysts:
Jin Yoon
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