BILI: Adding Solid Game Ecosystem To Its Platform While Solidifying UGC Business; Expect Better 2Q20 Results
BILI will report 2Q20 results on August 26th after the markets close followed by a 9pm EST conference call. We are positive into BILI’s 2Q20 performance as well as its 3Q20 outlook. Based on our data and model, we believe BILI’s revenue in 2Q20 is likely to outperform consensus at RMB2,539M (65.1% Y/Y growth) and the high-end of its guidance range of RMB2,500M – RMB2,550M, and our model. From our 2Q20 and July data, we believe BILI is building a game ecosystem by integrating new game launches with game live streaming. While building its game ecosystem, UGC is still BILI’s core.