《大行報告》高盛首予微博-SW(09898.HK)H股「中性」評級 目標價347元
高盛發表報告,首予微博-SW(09898.HK)H股「中性」評級,目標價347元,ADR目標價爲44.5美元,原因是香港二級市場上市帶來2%的股份稀釋,目標市盈率由15倍降低到12倍,符合其利潤增長狀況。
報告指,微博作爲內地三大領先的社交媒體平臺之一,隨着公司對用戶和內容生態系統的投資,料將繼續受益於強大的網絡效應,但要留意其他以中短視頻平臺形式的社交媒體平臺對其持續用戶流量份額帶來壓力。
高盛指,考慮到微博短期利好因素,包括進一步發展新業務,例如遊戲,加上去年同期基數較低,預計第四季度收入將按年增長19%,並在2022年第一季度按年增長14%,因爲北京冬奧會期間用戶參與度更高,及後的收入增長率料將正常化爲10%左右。
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