New Street Research - Weibo Corp Sponsored ADR Class A (WB) WB 4Q25 Results: Margin Could Remain Under Pressure in FY26 Partly due to AI

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New Street Research

Jin Yoon

WB 4Q25 Results: Margin Could Remain Under Pressure in FY26 Partly due to AI

What’s new: Weibo’s reported 4Q25 revs that beat consensus and our expectations. Ad revs could remain resilient partly driven by key categories including e-commerce. Margins could remain under pressure in 1Q26 and FY26 as the company could reinvest part of the profit in AI. We lower our PT from US$13 to US$10 on lowered margin outlook. Our updated PT of US$10 implies 6.2x FY26E P/E. We maintain our BUY rating.

Analysts:
Jin Yoon

19/03/2026 1 EN

Underlying

Weibo Corp Sponsored ADR Class A

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US9485961018 NASDAQ Stock Market United States

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New Street Research

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Analysts

Jin Yoon

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WB 3Q25 Results: Outlook Remains Intact

What’s new: Weibo’s reported 3Q25 results that were largely in line with consensus and our expectations. Outlook could remain intact where resiliency in e-commerce vertical could offset the continued decline in smartphone and online games. Margins could also remain under pressure in 4Q partly due to lack of top-line leverage. We maintain our PT at USD13. Analysts: Jin Yoon

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WB 3Q25 Preview: Lowering 2H Estimates

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BABA FY3Q26 Results: AI Investments to Weigh Down Margins for FY27

What’s new: Alibaba’s reported FY3Q26 results that were below consensus and our expectations. External cloud and AI revs could grow at least 40% CAGR over the next five years as demand for AI remains resilient. However, investments in AI including marketing spending related to Qwen App could continue to weigh down margins heading into FY27. We lower our PT from US$200 to US$170 on lowered margin outlook. Our updated PT of US$170 implies 21.8x FY27E P/E. We maintain our BUY rating. Analysts: Jin Yoon

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Jin Yoon

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BZ 4Q25 Results: Recruitment Demand Remains Healthy

What’s new: BZ’s reported 4Q25 revs that were above consensus and our expectations. The lower-than-expected 1Q guide was partly due to late CNY. Rev growth in 2Q could fare better than 1Q as recruitment demand could gradually recover throughout 2026. We lower our PT from USD25 to USD20 as the pace of recovery could be slower than our initial expectations. Our updated PT of USD20 implies 15.2x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

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WB 4Q25 Results: Margin Could Remain Under Pressure in FY26 Partly due to AI

WB 3Q25 Results: Outlook Remains Intact

WB 3Q25 Preview: Lowering 2H Estimates

BABA FY3Q26 Results: AI Investments to Weigh Down Margins for FY27

AMZN: Quick Thoughts on The Battle in Seattle, AWS in 10 years & “Other” Capex

BZ 4Q25 Results: Recruitment Demand Remains Healthy

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