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Investing.com - Bernstein initiated coverage on Bilibili (NASDAQ:BILI) (HK:9626) with an Outperform rating and set a price target of HK$218.00.
The research firm identified Bilibili as the pioneer and leader in medium-form professional user-generated video content, comparable to YouTube videos, with what it described as an iconic community and brand.
Bernstein noted that Bilibili is entering a new growth phase marked by recently achieved break-even status, supported by improved financial and platform assets along with AI investments.
The firm highlighted that Bilibili’s community video and games ecosystem positions it as an effective mid-sized games publisher, contributing to a pathway of operating leverage growth that could reach mid-teens levels.
Bernstein applied a 25x forward PE multiple using a sum-of-the-parts methodology, valuing the advertising business at 15x and the games business based on cash flow from its San Mou title and the publishing of two mid-sized titles annually.
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