《大行報告》美銀證券首予微博(09898.HK)H股目標價393元 評級「買入」
美銀證券發表研究報告,指微博(09898.HK)(WB.US)在FMCG及3C等客戶支出可支持其廣告收入增長,但預期在消費需求疲弱下,公司去年第四季以來電商廣告客戶的支出走疲。因此,該行將去年第四季微博來自阿里巴巴(09988.HK)的收入削減至按年跌20%,今年首季料按年跌24%。
該行將微博去年第四季的收入預測微降至6.16億美元,意味按年增長20%,另維持對其去年第四季的非通用會計準則淨利潤率預測於30%。
此外,美銀證券估計2022年冬奧將成為微博今年首季的催化劑,將公司今年首季及全年收入增長預測下調至分別3%及5%,主要由於廣告預算受累宏觀疲弱的影響。重申對微博「買入」評級,另將其今年首季及全年的非通用會計準則淨利潤率預測下調至25%及28%。首予港股目標價393元。
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