External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Weibo reported 4Q24 results on 13 Mar: net revenue was US$457mn, largely flat YoY on a constant currency basis and in line with Bloomberg consensus estimate; non-GAAP net income grew by 40% YoY to US$107mn, 9% ahead of consensus estimate, mainly attributable to effective opex control.</li><li>FY24 net revenue was US$1.75bn, up 1% YoY on a constant currency basis. For FY25E, the overall advertiser sentiment remains mixed.</li><li>Supported by the national subsidy program, certain verticals such as 3C and e-commerce have increased their ad budget, while other verticals such as cosmetics, personal care and games remain cautious on ad spending. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo reported 4Q24 results on 13 Mar: net revenue was US$457mn, largely flat YoY on a constant currency basis and in line with Bloomberg consensus estimate; non-GAAP net income grew by 40% YoY to US$107mn, 9% ahead of consensus estimate, mainly attributable to effective opex control.FY24 net revenue was US$1.75bn, up 1% YoY on a constant currency basis. For FY25E, the overall advertiser sentiment remains mixed.Supported by the national subsidy program, certain verticals such as 3C and e-commerce have increased their ad budget, while other verticals such as cosmetics, personal care and games remain cautious on ad spending. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo (WB US) - Advertiser Sentiment Remains Mixed; Stepping up AI Investment in FY25

<ul><li>Weibo announced 3Q24 results on 19 Nov: net revenue was up by 5% YoY (+3% YoY on a constant currency basis) to US$465mn, 7% ahead of Bloomberg consensus estimates thanks to the stabilization of advertising revenue and better-than-expected growth of VAS revenue; non-GAAP net income grew by 2% YoY to US$139mn, beating consensus by 16% mainly due to top-line outperformance and enhanced operating efficiency.</li><li>Looking ahead, management is cautiously optimistic about the policy stimulus on the macro economy, but expects it will take time for the policy to show effects.</li><li>For 4Q24E, we forecast ad revenue to decline by 4% YoY on a constant currency basis, primarily due to the high-base effect and soft ad demand from certain consumption-related verticals. W</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo announced 3Q24 results on 19 Nov: net revenue was up by 5% YoY (+3% YoY on a constant currency basis) to US$465mn, 7% ahead of Bloomberg consensus estimates thanks to the stabilization of advertising revenue and better-than-expected growth of VAS revenue; non-GAAP net income grew by 2% YoY to US$139mn, beating consensus by 16% mainly due to top-line outperformance and enhanced operating efficiency.Looking ahead, management is cautiously optimistic about the policy stimulus on the macro economy, but expects it will take time for the policy to show effects.For 4Q24E, we forecast ad revenue to decline by 4% YoY on a constant currency basis, primarily due to the high-base effect and soft ad demand from certain consumption-related verticals. WContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo (WB US) - 3Q24 Results Beat on Olympic Event; 4Q24 Outlook Remains Under Pressure

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.</li>
<li>The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.</li>
<li>In this note, we'll talk about the latest developments, possible outcomes and implications.</li>
</ul>


PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US listed China companies.
The Hong Kong visit was on the back of the 26th Aug 2022 announcement by PCAOB and CSRC that they had entered into an agreement with US authorities for access.
In this note, we'll talk about the latest developments, possible outcomes and implications.


China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

<ul><li>Weibo announced 1Q24 results: total revenue decreased by 4% YoY (or flat YoY on a constant currency basis) to US$395mn, in line with consensus/our estimates; non-GAAP net income was down by 4% YoY to US$107mn, 24/27% ahead of consensus/our estimates, thanks to the better-than-expected control in opex (-10% YoY).</li><li>We forecast advertising revenue to remain flattish YoY in 2Q24E, primarily due to the decline in ad revenue from the cosmetics and beauty vertical.</li><li>That said, management expected ad business to recover in 2H24E, supported by the bottoming out of consumption sentiment and the Olympic event. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo announced 1Q24 results: total revenue decreased by 4% YoY (or flat YoY on a constant currency basis) to US$395mn, in line with consensus/our estimates; non-GAAP net income was down by 4% YoY to US$107mn, 24/27% ahead of consensus/our estimates, thanks to the better-than-expected control in opex (-10% YoY).We forecast advertising revenue to remain flattish YoY in 2Q24E, primarily due to the decline in ad revenue from the cosmetics and beauty vertical.That said, management expected ad business to recover in 2H24E, supported by the bottoming out of consumption sentiment and the Olympic event. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weibo (WB US) - Ad Revenue Growth Recovery Still Takes Time

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Competitors tried to leverage LLM to capture Baidu's search market share;</li>
<li>JD.com is actively seeking new, post-subsidy growth drivers, the latest being Europe while Red Notes launched US expansion. Deliveroo ceded HK market to Meituan;</li>
<li>NetEase competitor announced major layoffs. Weibo disappointed in its C4Q24 earnings. Kingsoft has a winner game in pocket.</li>
</ul>


Competitors tried to leverage LLM to capture Baidu's search market share;
JD.com is actively seeking new, post-subsidy growth drivers, the latest being Europe while Red Notes launched US expansion. Deliveroo ceded HK market to Meituan;
NetEase competitor announced major layoffs. Weibo disappointed in its C4Q24 earnings. Kingsoft has a winner game in pocket.


[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

China

Weibo Corp is a social media platform for people to create, distribute and discover Chinese-language content.  The Company offers users public self-expression in real time with a powerful platform for social interaction, as well as content aggregation and distribution.

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Weibo Corp (WB US)

Weibo (WB US) - Advertiser Sentiment Remains Mixed; Stepping up AI Investment in FY25

Weibo reported 4Q24 results on 13 Mar: net revenue was US$457mn, largely flat YoY on a constant currency basis and in line with Bloomberg consensus...

CMB International

Weibo (WB US) - 3Q24 Results Beat on Olympic Event; 4Q24 Outlook Remains Under Pressure

Weibo announced 3Q24 results on 19 Nov: net revenue was up by 5% YoY (+3% YoY on a constant currency basis) to US$465mn, 7% ahead of Bloomberg...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Weibo (WB US) - Ad Revenue Growth Recovery Still Takes Time

We forecast advertising revenue to remain flattish YoY in 2Q24E, primarily due to the decline in ad revenue from the cosmetics and beauty vertical.

CMB International

[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

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Weibo (WB US) - Advertiser Sentiment Remains Mixed; Stepping up AI Investment in FY25

Weibo reported 4Q24 results on 13 Mar: net revenue was US$457mn, largely flat YoY on a constant currency basis and in line with Bloomberg consensus...

CMB International

Weibo (WB US) - 3Q24 Results Beat on Olympic Event; 4Q24 Outlook Remains Under Pressure

Weibo announced 3Q24 results on 19 Nov: net revenue was up by 5% YoY (+3% YoY on a constant currency basis) to US$465mn, 7% ahead of Bloomberg...

CMB International

China ADRs Delisting - Friday Could Be Judgment Day for over US$800bn Mcap of Stocks

PCAOB officials concluded their Hong Kong visit last month and PCAOB is due to announce its annual judgment on whether it had adequate access to US...

Sumeet Singh

Weibo (WB US) - Ad Revenue Growth Recovery Still Takes Time

We forecast advertising revenue to remain flattish YoY in 2Q24E, primarily due to the decline in ad revenue from the cosmetics and beauty vertical.

CMB International

[Blue Lotus Non-US Internet Weekly, 11/52]: Chinese Internet Making Inroads Overseas

​Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.

Blue Lotus Research Institute

Competitors target Baidu's search market, JD.com seeks new growth in Europe, Weibo disappoints in earnings, Kingsoft has successful game.