BILI 4Q23 Results: Ads and VAS could be Key Drivers for FY24 Rev Growth
What's new: Bilibili’s reported 4Q23 top-line results were largely in-line with consensus and our expectations. Ads and VAS could be key drivers for rev growth in FY24, while gaming could be dependent on the performance of new launches in 2H24. BILI also aims to reach non-GAAP OPM breakeven by 3Q24. We lower our PT from USD 25 to USD 20 due to lowered outlook for FY24. Our revised PT of USD20 implies a 2.1x FY24E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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