New Street Research - Weibo Corp Sponsored ADR Class A (WB) WB 3Q24 Results: Ad Recovery Could Take Time

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New Street Research

Jin Yoon

WB 3Q24 Results: Ad Recovery Could Take Time

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

20/11/2024 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.

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

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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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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WB 3Q24 Results: Ad Recovery Could Take Time

WB 2Q24 Results: Ad Outlook Challenging in 2H

Vermilion Short Shots: Technically Vulnerable Stocks

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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