New Street Research - Weibo Corp Sponsored ADR Class A (WB) WB 3Q23 Results: Visibility Remains Limited Heading into 2024

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New Street Research

Jin Yoon

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

10/11/2023 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

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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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WB 3Q23 Results: Visibility Remains Limited Heading into 2024

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

MTN (Buy, TP: ZAR130, +42%) MTN Ghana – Q1 24: Good start to the year

AMX (Buy, TP: $24, +25%) Why a seemingly (quite) healthy Telco just filed for Chapter 11. Twice.

Liberty Global (Neutral) Q1 24 - The challenge of subscriber momentum

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