It’s been a while since I’ve last shared a letter here. While I still love reading, sharing my notes here every single day became a little unsustainable due to other time commitments. While I do plan on rebooting this letter at some point, I wanted to share with you all a new project that I’ve been working on: DJY Research.
At DJY Research, every month, I’ll be doing a deep dive on a publicly traded Asian (Tech) company where I cover the business, it’s product(s), and really drill down into its financials and the 2-3 things that *really* drive its business.
To kick things off, I wrote up a report on Bilibili, China’s leading ACG video, gaming, and e-commerce platform that has been referred to as a mashup of YouTube, Reddit, Netflix, Steam, and Twitch.
Bilibili is an online video platform that hosts various user generated content, fostering a dedicated community initially built around ACG (anime, comics, and games). Since then, the platform has broadened its user base to cover a diverse set of interests and added live streaming, gaming, and e-commerce. Below we give a brief overview of Bilibili and dive into how we think about analyzing and valuing each of its businesses.
You can read the entire report (for free) here.