Bilibili Inc ADR

BILI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bilibili Earnings: Guidance Up With Inaugural Buyback Program; Shares Remain Undervalued

Ivan Su

Nov 20, 2024

Bilibili's third-quarter earnings and fourth-quarter guidance both surpassed our expectations, driven by robust game revenue, specifically from the successful launch of San Guo: Mou Ding Tian Xia in June. While we have raised our near-term estimates, it's too early to know if the new title's success will continue beyond a few quarters. Therefore, we maintain our long-term assumptions and fair value estimate of USD 34 (HKD 266). We continue to see Bilibili’s shares as undervalued, based on our positive outlook for its advertising segment.

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Bilibili Inc ADR

Bilibili Earnings: Guidance Up With Inaugural Buyback Program; Shares Remain Undervalued

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