《大行報告》花旗下調嗶哩嗶哩(BILI.US)評級至「中性」 遊戲業務仍面臨不確定性
花旗下調嗶哩嗶哩(BILI.US)投資評級,由「買入」降至「中性」,目標價由18美元降至12.5美元。
該行指,公司去年第四季業績大致符合預期,公司管理層預期今年收入增長加快至雙位數,並在收入組合轉向更高盈利的廣告和審慎的財務管控下,經調整經營溢利於第三季度轉正。該行相信公司今年收入動力仍來自廣告及增值服務,遊戲業務在僅餘3款遊戲待推出下面臨不確定性。
該行下調對公司今明兩年收入預測2%及4%,以反映遊戲及其他業務更疲軟展望。縱使該行歡迎公司達致收支平衡的進展及致力推動廣告增長,但基於監管環境,串流直播業務動力不能吸引投資者,且遊戲務仍欠缺增長動力。
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