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《大行報告》瑞信下調微博(09898.HK)目標價至193元 評級「跑贏大市」
阿思達克 07-22 11:38
瑞信下調微博(09898.HK)目標價,由228元降至193元,相等於今年預測市盈率10倍,維持「跑贏大市」評級。該行下調對微博今年至2024年經調整每股盈利預測8%至9%,基於疲弱增長展望及經營槓桿。該行指微博的8倍市盈率及74億美元現金為股價提供支持,但目前欠缺上升催化劑。 該行維持對微博第二季度收入預測按年跌22%不變,又指5月及6月改善情況在內地城市結束封城下大致上軌道,預期第二季經調整淨利潤為1.01億美元。該行預期微博下半年復甦速度維持溫和,並預期全年收入按年跌9.5%至20億美元,下半年收入則較上半年反彈19%,受廣告復甦慢於周期影響,下半年經調整淨利料為5.7億美元。 該行料遊戲廣告將更具韌性,受惠現有遊戲繼續推廣及內地恢復遊戲版號審批,但消費相關廣告將受高基數及需求轉弱影響,電商廣告繼續受電商平台監管及電商直播預算削減影響。
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