JPMorgan issued a research report becoming more optimistic about the fundamentals of BILIBILI-W (09626.HK) +6.500 (+5.845%) Short selling $100.34M; Ratio 21.085% after the Company released 1Q24 results.
JPMorgan expected its advertising business to grow strongly and outperform its peers, supported by key advertising verticals such as mobile games, e-commerce and AI.
In view of the higher valuation, JPMorgan still kept rating at Neutral”, and elevated its target price from $85 to $110, corresponding to a projected PS ratio of 1.6x in 2024.
Looking forward to the upcoming launch of the new game, Three Kingdom SLG on 13 June, JPMorgan expected fluctuations in BILIBILI-W's share price around game launch time.
JPMorgan also anticipated that the success in the launch of the new game, the achievement of breakeven and the potential new policy on shareholders' return may become catalysts for the share price.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-03 16:25.)
