T.H. Capital - Weibo Corp Sponsored ADR Class A (WB) WB: Repositioning To Better Utilize Its Traffic In 4Q20E; Expect 2H20 To Be At Least In Line With Consensus Backed By Better Recovery In Advertising Environment

Report

T.H. Capital

Tian Hou

EUR 234.63 For Business Accounts Only

WB: Repositioning To Better Utilize Its Traffic In 4Q20E; Expect 2H20 To Be At Least In Line With Consensus Backed By Better Recovery In Advertising Environment

WB will report 3Q20 results on December 28^th with a 6am EST conference call. We are positive into WB’s 3Q20 performance. Based on our data and calculations, we believe the company’s 3Q20 revenue is likely to be at least in line with consensus at $450.1M (3.8% Y/Y decline) and above the company’s guidance range of $435.0M – $444.4M and our model. The 4Q20 revenue guidance is likely to be also in line with consensus at $490.2M (4.7% Y/Y growth).

21/12/2020 5 EN

Underlying

Weibo Corp Sponsored ADR Class A

See profile

US9485961018 NASDAQ Stock Market United States

Provider

T.H. Capital

T.H. Capital is an independent research and investment advisory firm specializing in China. We offers real-time, on-the-ground, bottom-up research across a wide spectrum from macro and industry analysis to company specific projects; from China ADRs to international names that have meaningful exposure to China market. We deliver relevant, comprehensive and data driven research adding immense value to clients.

See profile

Analysts

Tian Hou

Other Reports on these Companies

New Street Research

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

T.H. Capital

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...

Free Trial

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

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

ZTO will report 4Q23 results on March 19th after the market closes followed by a 7:30pm ET conference call. We are positive about its 4Q23 performance. While ZTO’s business is highly correlated with China's e-commerce business, which ZTO always outpaces, the company is also maintaining its high market share. We are also positive about ZTO’s long-term position as there has been new e-commerce players in China’s market, which presents increasing demand for logistics services. In addition, 2023 is a low base for ZTO’s growth in 2024. As China’s economy eventually recovers, e-commerce and logistic...

Free Trial

March 17, 2024 March 17, 2024 5 EN

Tian Hou

Tian Hou

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

We are positive about PDD’s performance in 4Q23 driven by Temu. Temu’s business model is agency business, like that of VipShop’s (VIPS, $17.22, Not Rated) business model. Under such a model, we estimate that 30% of Temu’s GMV becomes its international revenue. Temu GMV has been growing and continues to grow rapidly. We estimate the Q/Q growth to be around 40% in 4Q23 with approximately two-thirds of GMV coming from the US market. Its recent expansion in Japan and Korea is also ramping up rapidly.

Free Trial

March 17, 2024 March 17, 2024 5 EN

Tian Hou

Tian Hou

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

BEKE will report 4Q23 results on March 14th before the markets open with an 8am ET conference call. We are positive on the company’s 4Q23 earnings but neutral on 1Q24 and its long-term outlook. Based on our data and assumptions, BEKE revenue is likely to increase 13.9% Y/Y to RMB19.07B in 4Q23E, slightly better than consensus at RMB18.8B. However, 1Q24 consensus revenue seems to be aggressive.

Free Trial

March 11, 2024 March 11, 2024 5 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

WB: Repositioning To Better Utilize Its Traffic In 4Q20E; Expect 2H20 To Be At Least In Line With Consensus Backed By Better Recovery In Advertising Environment

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

ZTO: Positive On 4Q23 Performance And 2024 Outlook As China’s Economy Is Coming Out Of Its Bottom

PDD: Positive On 4Q23 Performance Driven By Growth From Temu

BEKE Positive On BEKE’s 4Q23 Earnings, But China’s Property Market Remains Grim

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe