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《大行報告》瑞銀降嗶哩嗶哩(BILI.US)目標價至11.9美元 管理層對廣告前景樂觀抵銷遊戲疲弱
瑞銀髮表報告指,嗶哩嗶哩(BILI.US)去年第四季業績大致符合預期,遊戲業務遜預期的表現被廣告業務盈利所抵消,認爲該趨勢將在今年持續。出乎意料的是,在目前宏觀背景下,管理層認爲嗶哩嗶哩可以在今年第一季和今年全年保持廣告增長勢頭。另一方面,該行注意到嗶哩嗶哩的遊戲業務繼續面臨ACG領域的激烈競爭,因此進一步降低預期。 瑞銀指,嗶哩嗶哩管理層仍致力於第三季實現收支平衡,認爲將有賴於上述的收入增長,因爲進一步削減成本的空間較小。 瑞銀維持對嗶哩嗶哩(BILI.US)的「中性」評級,目標價由13.2美元降至11.9美元,將嗶哩嗶哩(09626.HK)目標價由103元降至92.9元。該行認爲目前的市場環境對嗶哩嗶哩來說是一個挑戰,因爲投資者更注重價值和股東回報。如果宏觀形勢明顯好轉,可能會轉而看好該股。
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