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《大行報告》瑞銀升微博(WB.US)評級至「買入」 目標價21美元
阿思達克 11-23 10:02
瑞銀發表研究報告指,將微博(WB.US)評級從「中性」上調至「買入」,是由於留意到廣告需求正從低位明顯復甦、成本結構更精簡和估值低迷的情況下風險/回報有所改善,放寬防疫限制或會逐漸推動廣告復甦,更多支持性的房地產政策亦應該帶動廣告商信心。該行預計,第四季及明年首季的收入跌幅將按年收窄25%及13%,並在明年次季恢復6%的正增長,這是由於基數較低且防疫政策或會更加寬鬆。該行認為,第三季表現弱於預期,反映宏觀存在不確定因素,但這些已經過去,相信這或是微博最後一次盈利削減,又認為近期的負面因素已反映在集團股價上。 該行表示,由於廣告需求疲弱和人民幣兌美元匯率疲弱,將集團今年第四季度及2023年的收入預測下調16%及11%;調低第四季經調整營運利潤率240個基點。由於集團從2022年開始精簡成本結構,該行將其2023年的營運利潤率預測提高141個基點,另分別下調第四季度及2023年經調整純利預測24%及10%。該行予集團目標價21美元。
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