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UBS Group: Weibo (09898.HK) quarterly revenue and net profit exceed expectations, rated as 'buy'.
UBS Group released a research report stating that weibo-SW (09898.HK) (WB.US) exceeded expectations in the third quarter in terms of revenue and net profit, believing that the company's upside potential depends on the mainland's macroeconomic recovery (or expectations of recovery), while its downside risks are expected to be limited due to its low valuation, only equivalent to a forecasted 2024/25 fiscal year pe ratio of 4 times, and an estimated dividend yield of about 10% in 2025. The bank pointed out that management holds a cautious attitude towards the advertising recovery in the fourth quarter, believing that macroeconomic stimulus measures will take time to translate into an increase in weibo customers' advertising budgets. In addition, management also expects continued growth in 3C products and automobiles.
Weibo: VAS revenue growth rate is impressive, profit release better than expected
3Q24 Non-GAAP net income exceeded our expectations. Weibo announced 3Q24 performance: revenue of 0.464 billion US dollars, a year-on-year growth of 5% (a 3% year-on-year growth under fixed exchange rates), which was better than our expectations and Bloomb.
Weibo Likely to Face Continued Pressure on Revenue -- Market Talk
Major bank rating | CICC International: Lowered the target price of weibo to HK$77.22, with advertising spending recovery slowing down.
Gelonghui, November 21 - Jianyin International released a report indicating that Weibo's third-quarter performance exceeded the expectations of the bank and the market, with the biggest highlight being the company's robust advertising revenue driven by the Paris Olympics, particularly significant contributions from advertisers in the csi sws food & beverage index and sports outfits. However, as the Olympics conclude, the company's advertising revenue may resume a downward trend. The bank believes that a comprehensive consumer recovery is the only way for Weibo to reverse its business trajectory since more than two-thirds of its advertisers come from consumer-related industries, rendering its business highly skewed towards brand advertising. Until there is more clarity on Weibo's recovery timetable, the bank remains conservative.
Daiwa cut Bank of China International's rating for Weibo (09898.HK) to 'Neutral' with a target price lowered to 77.22 yuan.
Jianyin International published a report indicating that Weibo (09898.HK) exceeded both the bank's and market expectations in the third quarter, with the biggest highlight being the robust advertising revenue driven by the Paris Olympics, particularly with significant contributions from advertisers in the food & beverage and sports outfits sectors. However, with the end of the Olympics, the company's advertising revenue may begin to decline again. The bank believes that a comprehensive recovery in consumer spending is the only way for Weibo to turn around its business, as over two-thirds of the company's advertisers come from consumer-related industries, making its business heavily reliant on brand advertising. Before there is more clarity on Weibo's recovery timetable in the future, the bank remains conservative.
CCB International Downgrades Weibo to Neutral, $9.90 Price Target
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