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《大行報告》大摩:嗶哩嗶哩-W(09626.HK)降低資產負債表風險
摩根士丹利發表研究報告指,嗶哩嗶哩-W(09626.HK)(BILI.US)宣佈透過發行1,534.4萬股美國存託股,交換本金總額3.85億美元的未贖回2026年12月到期可換股優先票據,預期有助降低資產負債表風險,但由於估值過高和盈利能力不佳,該行仍維持對嗶哩嗶哩(BILI.US)「與大市同步」評級及目標價11美元,對應2023年預測市銷率約1.3倍。 該行指,至2024年12月初公司剩餘4.47億美元的可轉換債券可回售,較2022年第三季末的未償還本金總額25.5億美元大幅減少,預期利息支出將下降。 大摩又指出,嗶哩嗶哩將受惠於中國的重新開放,其中毛利率高於50%的廣告業務可能會從今年第二季起恢復至20%以上的增長。
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