[Bilibili (BILI US, SELL, TP US$12.3) TP Change]: The Launch Of "Uma Musume" May Face More Delay
We cut our revenue estimations for 2H23, mainly due to increased uncertainty surrounding the launch of "Uma Musume." Our rev./non-GAAP net income are 1.0% and (6.4%) vs cons in 2Q23. Cut TP to $12.3.