T. H. Data Flash - Bilibili Inc. – December & 4Q20E: Expansion Beyond Core Business Into Content Production May Lead To Stickier User Community; Strong Live Broadcasting, Games And Show Business Driving Better
We are positive into BILI’s 4Q20 performance. BILI is expanding beyond its core as a UGC platform, and it has started to produce as well as air variety shows, movies and documentaries to meet the comprehensive content needs of users on the platform. So far, these new forms of content have been well received by users. With the diversification of its content supplies, we believe users on the platform are likely to be stickier while the platform attracts new users. Based on our data, for the existing UGC business, both participation and interaction activities remained at high levels. As for its live broadcasting business, BILI held several big events, which we believe brought in more revenues. Based on our data and model, we believe BILI is likely to deliver better financial results in 4Q20 compared with consensus at RMB3,536M.
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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