《大行報告》高盛下調微博(09898.HK)目標價至305元 評級「中性」
高盛發表報告,下調微博(09898.HK)目標價由347元至305元,維持「中性」評級。
高盛預計微博去年第四季廣告收入按固定匯率計算將按年增長15%,超過中國在線廣告市場的增長。雖然北京冬奧會可能會維持微博強大的用戶參與度,但與其他在線廣告平台類似,預計去年第一季宏觀經濟疲軟和廣告相關法規會對收入造成影響,料微博的廣告收入增長在去年第1季將減速至4%,然後在今年下半年重新加速至按年增長約10%。
高盛同時將微博2021年的收入和非美國通用會計準則的凈利潤預測下調1%,並將2022年至2023年的收入和非美國通用會計準則的每美國存托股盈利(EPADS)分別下調6%至7%和11%至12%。
用戶參與度方面,得益於冬奧會,預計用戶參與度(以MAU和DAU計)將在今年第1季保持10%以上的按年增長。
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