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<Research>Citi Lifts Bilibili (BILI.US) TP to US$27 on Demanding Valuation; Rating Neutral
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BILIBILI-W (09626.HK)'s 3Q25 advertising revenue and adjusted operating profit beat expectations, Citi Research issued a research report saying. Looking ahead to 4Q25, the broker expected a slight QoQ recovery in game revenue, primarily driven by Escape from Duckov, largely offset by weak performance in old games, potentially falling short of some investors' expectations. Advertising momentum is expected to maintain growth due to decent performance during 'Double 11,' with continued growth in advertising inventories and improved efficiency. Citi Research raised its 2025-2027 earnings forecasts for BILIBILI-W by 7%/ 9%/ 9% each to reflect better-than-expected profit margin trends. The broker lifted its target price for Bilibili (BILI.US) from US$25 to US$27, with rating kept at Neutral due to demanding valuation. AASTOCKS Financial News Website: www.aastocks.com |
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