Report

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
Underlying
Weibo Corp Sponsored ADR Class A

Provider
New Street Research
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
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  • Global healthcare thematic research

We provide debt research on:

  • Pan European Telecom Services and Cable


Analysts
Jin Yoon

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