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《大行報告》大摩降微博(WB.US)目標價至18美元 評級「與大市同步」
摩根士丹利發表報告指出,微博(09898.HK)(WB.US)首季總收入按年跌15%至4.14億美元,以人民幣則計跌7%,符合市場預期,主要受廣告收入(以人民幣計按年跌9%)及增值服務達5,900萬美元(以人民幣計按年增長11%)所推動。 該行對微博今年按人民幣計的廣告增長預測,由原預期的按年增長10%下調至5%(第二季按年增長預測同為5%),低過快手-W(01024.HK)及騰訊(00700.HK)全年各20%增長預測,主要由於內地消費疲弱及競爭激烈的情況下,今年第二季的復甦遜預期,且下半年前景呈不確定性。 此外,該行對微博今年毛利率預測79%,相對於去年的78%微升;非公認會計準則下經營利潤率為34%,相對於去年為33%;但預期淨利潤率按年跌1個百分點至介乎27%至28%。該行維持對其美股「與大市同步」評級,目標價為由20美元下調至18美元。
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