《大行報告》花旗降微博(WB.US)目標價至15美元 季績好壞參半
花旗發表報告指出,微博-SW(09898.HK)去年第四季業績好壞參半,淨收入總額按年增長3%至4.637億美元,超過市場預期2%;經調整淨利潤7,600萬美元,較市場預期低37.5%,主要歸因於營運開支及稅率提升。
展望今年,雖然微博管理層認為在宏觀環境疲弱及廣告預算支出的低能見度,對今年首季前景較為謹慎,但對公司今年下半年表現強勁的預測持正面看法,因預期可受惠於夏季奧運期間的廣告支出將有所增加,以及料內地宏觀前景或逐步改善。
該行將微博(WB.US)的目標價由18美元下調至15美元,維持「買入」評級,認為該股估值不高,對其今明兩年收入預測下調4.3%及4.6%,對非公認會計準則(Non-GAAP)淨利潤預測下調19%及20%。另預期公司今年首季收入按年下跌2.6%至4.03億美元,經調整淨利潤8,200萬美元,毛利率20%。
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