BOC International Reaffirms Buy Rating for Bilibili with Target Price Set at HK$224

Deep News09-08 17:51

BOC International has released a research note maintaining its "Buy" rating for BILIBILI-W (09626), with the H-share target price unchanged at HK$224. The brokerage highlighted that Bilibili announced a series of transactions last Friday (September 4) after market close, which permanently removed all selling pressure from TENCENT (00700).

The transactions include a proposed issuance of US$700 million in zero-coupon convertible bonds maturing in 2031, carrying a conversion premium of approximately 35% with an optional redemption right in 2029. Additionally, the company plans to repurchase and cancel a total of US$300 million in shares through two methods, raising approximately US$400 million in net proceeds.

BOC International views this as a highly constructive and tailored package for Bilibili, effectively mitigating the share price impact from both the proposed US$700 million convertible bond issuance and the one-off block trade by Tencent. Furthermore, Tencent's US$200 million subscription to the convertible bonds underscores its confidence in Bilibili's long-term upside potential.

The brokerage remains optimistic about Bilibili's ability to achieve robust and sustainable profit growth, driven by its healthy "3C" flywheel, which is being further amplified by focused and disciplined AI execution.

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