BILI will report 1Q22 results on June 9th before the US markets open with an 8am ET conference call. We are lowering our estimates for 1Q22 and 2Q22 to reflect the slowdown in China’s economy particularly in April and May due to COVID-related lockdowns. BILI’s advertising business has taken a hit from the macro headwinds. On the game side, domestic game approvals are taking longer than expected, which has impacted BILI’s game business. However, we expect improvement in the company’s advertising and game businesses in 2H22, as both areas are likely to see significant improvements in 2H2022 with more potential game approvals and recovery in advertising backed by economic stimulus.
T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.
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