New Street Research - Weibo Corp Sponsored ADR Class A (WB) WB 4Q22 Results - Ads to Rebound Starting in 2Q

Report

New Street Research

Jin Yoon

WB 4Q22 Results - Ads to Rebound Starting in 2Q

What's new: Weibo’s reported 4Q22 top line results were largely in-line with consensus and a touch below our expectations. Ads could remain challenging in 1Q amid tougher comps and conservative ad budgets for the quarter. As macro gradually improves coupled with easier comps, ads could potentially start to reaccelerate in 2Q. We maintain our PT at USD25 and maintain our BUY rating.

Analysts:
Jin Yoon

02/03/2023 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
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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

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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

November 20, 2024 November 20, 2024 1 EN

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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

August 23, 2024 August 23, 2024 1 EN

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WB 4Q22 Results - Ads to Rebound Starting in 2Q

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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