New Street Research - Weibo Corp Sponsored ADR Class A (WB) New Street: WB 3Q22 Preview - Trimming 4Q Rev Estimates

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New Street Research

Jin Yoon

New Street: WB 3Q22 Preview - Trimming 4Q Rev Estimates

What’s New: We maintain our 3Q estimates, but lower 4Q outlook amid macro and covid uncertainties. In this note, we highlight the updates on the business including near-term outlook.

Analysts:
Jin Yoon

21/10/2022 1 EN

Underlying

Weibo Corp Sponsored ADR Class A

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US9485961018 NASDAQ Stock Market United States

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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What’s new: Weibo’s reported 3Q24 results that were above consensus and our expectations. Ads could be challenging in 4Q partly due to tougher comps in gaming and pull-forward ad demand from Summer Olympics in 3Q. We maintain our PT at USD10. Analysts: Jin Yoon

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WB 2Q24 Results: Ad Outlook Challenging in 2H

What’s new: Weibo’s reported 2Q24 revs that were largely in-line with consensus but below our expectations. Ads could remain challenging in the 2H as advertisers remain cautious under an uncertain macro environment. We lower our PT from USD15 to USD10 due to lowered outlook. Our updated PT of USD10 implies 5.4x FY25E P/E. We maintain our BUY rating. Analysts: Jin Yoon

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New Street: WB 3Q22 Preview - Trimming 4Q Rev Estimates

WB 3Q24 Results: Ad Recovery Could Take Time

WB 2Q24 Results: Ad Outlook Challenging in 2H

Vermilion Short Shots: Technically Vulnerable Stocks

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

Gen AI Big Idea Series - Chipletz CEO Bryan Black - Smart Substrate & the Multi-Chip-Module revolution

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