G Sachs Axes BILIBILI-SW (09626.HK) TP to $231, Expects Low Visibility for 2Q Biz
G Sachs Axes BILIBILI-SW (09626.HK) TP to $231, Expects Low Visibility for 2Q Biz
BILIBILI-SW (09626.HK) (BILI.US) announced last Friday that, since mid-March, the increased Covid-19 restrictions and lockdowns in major cities including Shanghai, have impacted the overall economy and the company's operation to a certain extent, reported Goldman Sachs.
Based on the current situation, BILIBILI-SW forecast the net revenues for the first quarter of 2022 to be in the range of RMB5.0 billion to RMB5.1 billion, compared to the expected range of RMB5.3 billion to RMB5.5 billion previously issued in March 2022.
Goldman Sachs ramped down the 2022-24E revenue for the company by 9%, 10% and 10%, respectively, anticipating the GPM of the company to be dragged down by its sluggish online game business. The 2022-24E NPM were likewise slashed to -26.3%, -11.2% and -1.9%, respectively.
The broker restated the Neutral rating for BILIBILI-SW, with its target price axed from $268 to $231. Due to the pandemic-prevention and control restrictions imposed in multiple cities and regions including Shanghai over 1Q22, the advertising and e-commerce operations of BILIBILI-SW were particularly hampered. The visibility for 2Q22 is likewise relatively low, the broker added.
據高盛報道，嗶哩嗶哩-SW-西南(09626.HK)(BILI.US)上週五宣佈，自3月中旬以來，上海等主要城市加大對新冠肺炎的限制和封鎖，對整體經濟和公司運營產生了一定影響。
基於目前的情況，嗶哩嗶哩-SW-軟件預測2022年第一季度的淨收入將在50億元至51億元人民幣之間，而此前在2022年3月發佈的預期區間為53億元至55億元人民幣。
高盛將該公司2022-24e年度的收入分別下調了9%、10%和10%，預計該公司的GPM將受到網絡遊戲業務低迷的拖累。2022-24E年度的NPM也同樣大幅削減至-26.3%、-11.2%和-1.9%。
該經紀商重申了對嗶哩嗶哩-SW-SW的中性評級，目標價從268美元下調至231美元。由於包括上海在內的多個城市和地區在22年第一季度實施了疫情預防和控制限制，嗶哩嗶哩-SW-SW的廣告和電子商務業務受到了特別大的阻礙。這位經紀人補充説，22年第二季度的能見度也相對較低。
