Weibo’s Video Strategy Is on the Right Track; Increasing FVE to $77
Narrow-moat Weibo’s top-line growth and margin expansion continued in the first quarter, beating both our estimates and market consensus. Total revenue increased by 67% year over year, and the operating margin improved to 28% from 6% in the year-ago quarter. We are revising our fair value estimate for the firm upward to $77 per ADR from $61 after increasing our projection of its advertising revenue. After Weibo’s earnings release, its share price soared by almost 25%. We think the information re...
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