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<Research>M Stanley: 'San Guo: Mou Ding Tian Xia' by BILIBILI Ranks 3rd in iOS Grossing on Debut at 13 Jun, Topping Bull Case
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Morgan Stanley released a research report covering "San Guo: Mou Ding Tian Xia", a Three Kingdoms-themed heavyweight strategy game (SLG) from BILIBILI-W (09626.HK) (BILI.US), which went into public beta yesterday (13 June).

Although SLGs generally need a long time to ramp up operations, San Guo: Mou Ding Tian Xia has already reached third place in the iOS App Store in terms of total revenue on its first day of launch, only behind Dungeons & Fighter and Honor of Kings, the 2 blockbusters of TENCENT (00700.HK), and is even ahead of TENCENT's Game for Peace and Justice Mobile by NTES-S (09999.HK). This surpassed the broker's bull case forecast.

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The broker believed that San Guo: Mou Ding Tian Xia is less commercialised, with simplified gameplay and a creative hero system. Coupled with the fact that the gaming industry has been lacking an excellent new SLG title in recent years, these factors are expected to drive the game's performance. Considering that this is the first time for BILIBILI to launch an SLG title, the broker forecasted the game to generate revenue of RMB1 billion in the first year of release.

Morgan Stanley set a target price of US$14 for BILIBILI US shares, with an Equal-weight rating.



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