WB: Lowering 2Q22 Estimates to Reflect The Current State Of China’s Economy; Expect WB To Benefit From 2H2022 Economic Recovery
WB will report 1Q22 results on June 1st before the US markets open with a 7am ET conference call. We are lowering our estimates for 2Q22 to reflect the negative impact from China’s zero-COVID lockdowns, particularly in Shanghai. The lockdowns have caused a slowdown in China’s economy, which worsened in March April and May. WB has many key accounts in Shanghai. We believe these accounts are not optimistic for their ad spending. WB is also impacted by the depreciation of China’s currency. However, we believe 2Q22 can be the bottom of China’s economy, and WB is likely to benefit from economic recovery in 2H22. The government is putting in place economic stimulus measures to revitalize the economy.
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.
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