Planning to Reduce Narrow-Moat Weibo’s FVE by No More Than Midteens; Shares Will Remain Undervalued
We expect to reduce our forecasts for Weibo’s net revenue growth from 2018 to 2020 as a result of weaker-than-expected 2018 fourth-quarter guidance, weaker advertising demand amid a slowing economy, and strengthening competition and increasing ad load in China’s advertising space. Weibo’s advertising will be impacted by the pause in game approvals, as the gaming industry is one of the largest verticals of Weibo’s SME business. Weak macro conditions have pressured advertising in auto services, we...
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