Bilibili Inc ADR

BILI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$69.00	Cgytt	Khkvtptkn

Bilibili Earnings: Management Cuts Revenue Outlook, but Maintains Breakeven Timeline

Ivan Su

Aug 21, 2023

No-moat Bilibili's second-quarter earnings slightly exceeded our and Refinitiv's consensus expectations, but management lowered its full-year revenue guidance by 8% due to a delay in the launch of Pretty Derby. That said, with the firm keeping its breakeven timeline unchanged, we see no reason to alter our long-term assumptions. Overall, we maintain our $38.20 fair value estimate. While Bilibili's shares are undervalued, our preferred picks remain NetEase and Tencent, given their better visibility on long-term prospects.

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