New Street Research - Weibo Corp Sponsored ADR Class A (WB) WB 2Q23 Results: Ad Recovery Continues to be Gradual

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New Street Research

Jin Yoon

WB 2Q23 Results: Ad Recovery Continues to be Gradual

What's new: Weibo’s reported 2Q23 top line results were largely in-line with consensus but below our expectations. Recovery could continue to be gradual in 2H as ad spending from key verticals such as FMCG could remain challenging. We maintain our PT at USD25.

Analysts:
Jin Yoon

25/08/2023 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

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.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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WB 4Q23 Results: Near Term Visibility Remains Limited

What’s new: Weibo’s reported 4Q23 revs were above consensus and our expectations. Visibility remains limited in the near-term amid macro uncertainties. Rev growth could fare better in 2H than 1H partly driven by major events such as the Olympics. We lower our PT from USD20 to USD15 due to lower FY24 outlook. Our revised PT of USD15 implies 8.1x FY24E P/E. We maintain our BUY rating. Analysts: Jin Yoon

March 15, 2024 March 15, 2024 1 EN

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WB: Economic Recovery In China In 2024 Is Likely to Benefit WB; Steady 4Q23 Performance; Trading Around Cash

WB will report 4Q23 results on March 14th before the markets open with a 7am ET conference call. We are neutral on WB’s 4Q23 revenue performance, but the margin is likely to be better as spending is not aggressive. China's economy in 2023 showed unexpected slow growth, which is likely to be reflected in WB’s 4Q23 earnings. However, it also provides a low comparison base for 2024. WB is likely to benefit from such a situation. China's economy has its resilience, and it is on its way to gradual recovery. Recently, there have been some positive signs on WB, including better grossing ranks and ke...

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March 8, 2024 March 8, 2024 5 EN

New Street Research

WB 3Q23 Results: Visibility Remains Limited Heading into 2024

What’s new: Weibo’s reported 3Q23 results were largely in-line with consensus and our expectations. Ad recovery continues to be gradual and that visibility remains limited heading into 2024. We lower our PT from USD25 to USD20 due to lower FY24 outlook. Our revised PT of USD20 implies 8.3x FY24E P/E. We maintain our BUY rating. Analysts: Jin Yoon

November 10, 2023 November 10, 2023 1 EN

ATUS 1Q24 Quick Take

EBITDA missed. FCF beat, but on much lower-than-expected capex. Mgmt. reiterated capex guidance for the year, so this appears to be timing related. Broadband losses and ARPU trends were a little worse than expected.

EUR 9330.00

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Swisscom (Neutral, TP: CHF610, +22%) Q1 24:Mixed numbers, weaker SR trends in Switzerland

Swisscom has reported a slightly mixed set of numbers. Swiss SR trends have deteriorated faster than expected; EBITDA is more in-line, but OpFCF and FCF are both light. We worry that Swiss SR trends will come under further pressure in the run-up to the Sunrise IPO, and as Salt starts to offer a fixed product to more of the country.

EUR 9330.00

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Dan Salmon

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Match Group (MTCH, Buy, $55 target) Quick Thoughts Ahead of Tuesday’s Print

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WB 2Q23 Results: Ad Recovery Continues to be Gradual

WB 4Q23 Results: Near Term Visibility Remains Limited

WB: Economic Recovery In China In 2024 Is Likely to Benefit WB; Steady 4Q23 Performance; Trading Around Cash

WB 3Q23 Results: Visibility Remains Limited Heading into 2024

ATUS 1Q24 Quick Take

Swisscom (Neutral, TP: CHF610, +22%) Q1 24:Mixed numbers, weaker SR trends in Switzerland

Match Group (MTCH, Buy, $55 target) Quick Thoughts Ahead of Tuesday’s Print

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