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From a technical perspective, Bilibili (BILI) is looking like an interesting pick, as it just reached a key level of support. BILI recently overtook the 50-day moving average, and this suggests a short-term bullish trend.
The 50-day simple moving average is a widely used technical indicator that helps determine support or resistance levels for different types of securities. It's one of three major moving averages, but takes precedent because it's the first sign of an up or down trend.
Shares of BILI have been moving higher over the past four weeks, up 8.5%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that BILI could be poised for a continued surge.
Once investors consider BILI's positive earnings estimate revisions, the bullish case only solidifies. No estimate has gone lower in the past two months for the current fiscal year, compared to 1 higher, and the consensus estimate has increased as well.
Investors should think about putting BILI on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.
Zacks Investment Research
Asian equities traded in the US as American depositary receipts were treading water Friday morning, nudging 0.2% higher to 1,935.01 on the S&P Asia 50 ADR Index, which is set to close out the week around 2.7% higher.
From North Asia, the gainers were led by computer hardware maker Canaan and automotive ecommerce platform Cango , which climbed 6.4% and 5.8% respectively. They were followed by financial services companies Dunxin Financial and Shinhan Financial Group , which rose 5.2% and 4.4% respectively.
The decliners from North Asia were led by mobile app developer Cheetah Mobile and game-centric live streaming platform DouYu International , which fell 5.2% and 3.9% respectively. They were followed by video-sharing platform Bilibili and property technology company Fangdd Network Group , which dropped 4% and 3.4% respectively.
From South Asia, the gainers were led by IT firms Sify Technologies and Wipro , which increased 5% and 3.5% respectively. They were followed by business process management company WNS and telecommunications operator Telekomunikasi Indonesia , which were up 1.6% and 1% respectively.
The only decliners from South Asia were telecommunications operator PLDT and financial services company ICICI Bank , which were off 0.3% and 0.1% respectively.
Communication Services has been one of the success stories from Wall Street in 2024. As of August 2024, The Communication Services Select Sector SPDR (XLC) had grown 20.8% year to date, trailing only the Financials and Utilities segments.
The sector represents companies that provide wired, wireless, satellite, cable, Internet media services, broadcasting and other communication infrastructure, some of the most forward-looking businesses for investors to get their hands on. Also, these companies generally boast strong fundamentals.
Sectors like communications services that have strong fundamentals generally survive market volatility relatively unscathed by cutting costs and maintaining strong balance sheets. Also, with Fed rate cuts immediately on the horizon, widely anticipated to start from September itself, the sector has only upsides in the offing. In such an environment, mega-cap growth stocks like tech and communication services seem lucrative as they currently seem undervalued.
Effectively being a subset of the tech sector, companies that comprise communication services constantly invest in new technologies and innovation and offer significant opportunities for price appreciation.
The hype around “generative artificial intelligence (AI)” has made mainstream headlines in the past year and has driven growth in this sector. Several communication services companies could be well-positioned to benefit from the continued evolution of generative AI capabilities. However, while this is a new chapter with the potential to drive incremental engagement and enhance relationships between customers and companies, only time will tell whether the market upside it has created is, in fact, a bubble. For the time being though, the segment should do well.
Thus, we have selected three communication services stocks that should be gaining ground in the ensuing months and can be added to your portfolio now. The stocks below flaunt a Zacks Rank #1 (Strong Buy) or 2 (Buy). The search was also narrowed down with a VGM Score of A or B. Here V stands for Value, G for Growth and M for Momentum; the score is a weighted combination of these three metrics. Such a score allows you to eliminate the negative aspects of stocks and select winners.
Bilibili Inc. BILI is a company that provides online entertainment services in China.
BILI’s expected earnings growth rate for the current year is 100%. The Zacks Consensus Estimate for its current-year earnings has improved 100% over the past 60 days. The company has a Zacks Rank #2 and a VGM Score of A. You can see the complete list of today’s Zacks #1 Rank stocks here.
SES S.A. SGBAF is a company engaged in the business of satellite-based data transmission and related services.
SES’ expected earnings growth rate for the current year is 12.7%. The Zacks Consensus Estimate for its current-year earnings has improved 1.6% over the past 60 days. The company has a Zacks Rank #2 and a VGM Score of A.
Tencent Holdings Limited TCEHY is a tech company based out of China that provides messaging services, social networking services, online media, Internet value-added services, multiplayer online games, e-commerce and online advertising.
TCEHY’s expected earnings growth rate for the current year is 32%. The Zacks Consensus Estimate for its current-year earnings has improved 4% over the past 60 days. The company has a Zacks Rank #2 and a VGM Score of B.
Zacks Investment Research
Bilibili Inc – ADR shares are trading lower by 4.59% to $14.26 Monday afternoon in sympathy with PDD Holdings Inc – ADR after the company reported worse-than-expected second-quarter sales results.
Although PDD Holdings’ results were generally strong, several factors tied to their performance have had adverse implications for Bilibili, a major player in China’s online entertainment and media sector.
What Happened: PDD reported fiscal second-quarter 2024 results with an 86% year-on-year revenue growth, reaching $13.36 billion. This figure, however, fell short of analysts’ expectations, which had predicted revenues of $14.02 billion.
Despite the revenue miss, PDD’s adjusted earnings per ADS of $3.20 exceeded the consensus estimate of $2.73, showcasing profitability.
Impact On Bilibili: PDD Holdings’ growth in online marketing services and transaction revenues signals heightened competition in the digital landscape. As PDD invests heavily in expanding its market share, companies like Bilibili face increased competitive pressure, which can lead to investor concerns about their growth prospects and profitability.
This competitive strain is particularly acute for Bilibili, which invests heavily to expand its user base and enhance its platform.
PDD Holdings’ management also highlighted challenges ahead due to intensified competition and external pressures, suggesting that profitability might be affected by ongoing investments.
This cautionary outlook can influence investor sentiment towards other companies in the space, including Bilibili, which also faces significant costs related to content creation, platform development and user acquisition.
Read Also: Why JD.Com Stock Is Trading Lower Today
How To Buy BILI Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Bilibili’s case, it is in the Communication Services sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
According to data from Benzinga Pro, BILI has a 52-week high of $18.19 and a 52-week low of $8.80.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Asian equities traded in the US as American depositary receipts were falling sharply Monday morning, dropping 2.56% to 1,934.78 on the S&P Asia 50 ADR Index.
From North Asia, the gainers were led by education company Four Seasons Education and computer hardware maker Canaan , which climbed 12.1% and 4.9% respectively. They were followed by automotive ecommerce platform TuanChe and fintech firm Jiayin Group , which rose 7.2% and 3.4% respectively.
The decliners from North Asia were led by video-sharing platform Bilibili and polysilicon manufacturer Daqo New Energy , which fell 7.1% and 5.3% respectively. They were followed by mobile big data platform Aurora Mobile and brand platform 36Kr , which lost 6.3% and 3.4% respectively.
From South Asia, the gainers were led by IT firm Sify Technologies and telecommunications operator Telekomunikasi Indonesia , which rose 1% and 1.3% respectively. They were followed by IT company Wipro and telecommunications operator PLDT , which were up 0.6% and 0.5% respectively.
The lone decliner from South Asia was tech conglomerate Sea , which was down 2.3%.
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