New Street: BILI 4Q21 Results - Path to Breakeven Outlined
What's new: Bilibili Inc reported 4Q21 top-line results were largely in-line with consensus and our expectations. Guidance reflects resiliency in non-gaming segments such as advertising which offset the slower recovery in gaming revenues amid prolonged suspension of new game approvals. We lower our PT from USD100 to USD40, which implies 3.7x FY22 EV/Revs. Given the company’s reliance on the gaming sector, we believe the stock will remain choppy in the near term until we see clarity in regulations.Analysts:
Jin Yoon
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