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《大行報告》瑞銀升微博-SW(09898.HK)評級至「買入」 目標價下調至90元
阿思達克 03-20 10:56
瑞銀發表報告指,在微博-SW(09898.HK)公布上季業績後,將評級由「中性」升至「買入」;H股目標價則由101元降至90元。報告稱,由於微博估值已降至預測2024年市盈率約5倍,是中國主要互聯網股票中的最低水平,認為微博股價已反映疲弱的廣告表現,因此下行空間有限。同時認為今年下半年的潛在復甦將成為催化劑,並相信微博對股東回報的進一步承諾將提供下行保護。 報告指,微博上季營收和營運利潤符合預期,但經調整純利符預期。 管理層指引今年下半年業務優於上半年,因今年上半年在去年初重新開放下帶來較高基數。瑞銀預計,微博今年首季收入將按年下降2%,第二季度將按年增長1%,第三季和第四季將恢復到分別增長6%和7%。 瑞銀提到,微博派發2億美元的特別息是第四季業績公告亮點,管理層似乎承諾將股息金額穩定在每年約2億美元的水平,該行認為是可行,因為截至2023年底,公司淨現金餘額為5.73億美元,2023年的經營現金流為6.73億美元。 該行降微博今年收入預測5%,反映廣告增長疲弱及外匯變動,並降今年經調整盈測17%,反映營運槓桿惡化及股息相關稅項結構性較高。
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