NetEase growth accelerates, Tencent Music is constrained by competition, and Bilibili faces slowing advertising growth
Bank of America’s third-quarter preview maintains Buy ratings on NetEase and Bilibili and a Neutral rating on Tencent Music: NetEase benefits from PC games and a low comparison base, Tencent Music’s revenue growth is unlikely to drive profit growth, and Bilibili faces margin pressure from slowing advertising and game revenue sharing.
Bank of America ·