《大行報告》摩通下調微博-SW(09898.HK)目標價至90元 評級「中性」
摩根大通發表報告指,微博-SW(09898.HK)第三季收入按年跌3%至4.42億美元,符合預期,調整後營運利潤率達37%,勝於預期;以固定匯率計,該行料微博第四季核心廣告收入按年升幅加快至5%,受惠低基數,並對明年廣告前景持審慎態度,料集團明年收入增長1%。
該行指,即使第三季收入疲軟,其營運利潤率連續三個季度擴張,營運支出按年跌9%,研發費用按年跌16%,即使公司第四季利潤率略有回落,但未見公司在投資策略有重大改變,並預料明年營運利潤率大致上保持平穩。
該行表示,將公司今年及明年收入預測下調1%及6%,明年總收入料按年持平,並將今年及明年非通用會計準則每股盈測分別下調5%及7%,並將其目標價由94元下調至90元,維持其評級爲「中性」。
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