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《大行報告》大摩下調微博(WB.US)目標價至14美元 評級「與大市同步」
阿思達克 10-21 15:47
摩根士丹利發表研究報告,預測微博(09898.HK)(WB.US)第三季收入將達到4.81億美元,按季增長7%,按年則跌21%,高於市場預期,當中主要受廣告收入按季增長8%所推動。 大摩預測非通用會計準則下經營溢利將達到1.58億美元,按季增長9%,按年則跌36%,經營溢利率達33%;受一次性項目影響,非通用會計準則純利料達1.13億美元,按季升3%,按年跌46%,較市場預期高8%,淨利潤率料達到23.5%。 該行表示,第三季汽車、奢侈品和遊戲行業表現跑贏其他行業,預計第三季微博的廣告收入按人民幣計算將下降18%,跌幅較第二季的21%略有收窄。至於第四季,大摩預計以人民幣計廣告收入將按年跌13%。 大摩指出,第三季廣告業務復甦步入正軌,成本節約帶動經營溢利率上行,但第四季增長可見度較低,因此將美股目標價由20美元下調至14美元,並將2023至2024年收入預測下調12%至14%,每股盈利預測下調16%至18%,維持評級「與大市同步」。
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