New Street: BILI 2Q21 Earnings - Outlook Suggests Strength in Non-Gaming Segments
What's new: Bilibili Inc reported 2Q21 top-line results were above consensus and our expectations. Guidance reflects robust momentum in non-gaming segments such as VAS, advertising, and e-commerce. While gaming revenue growth in 2H could be impacted by the lack of supply in both exclusive license and jointly operated games. We maintain our BUY rating on share of BILI but lower our PT from USD140 to USD100 on uncertainty over delays in gaming coupled with continued regulatory noises impacting the overall internet industry. Our new PT implies 8.3x FY22 EV/Rev.Analysts:
Jin Yoon
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