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 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

<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

<ul><li>Weibo reported 4Q23 results on 14 Mar: total revenue grew by 3% YoY (or +5% YoY on a constant currency basis) to US$464mn, vs consensus/our estimate of US$454/458mn.</li><li>Non-GAAP operating income declined by 4% YoY to US$146mn in 4Q23, 7% ahead of consensus, mainly thanks to the stringent control in product development expenses.</li><li>For FY23, total revenue declined by 4% YoY to US$1.76bn, with non-GAAP OPM up by 1ppt YoY to 33.6% on enhanced operating efficiency. </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 4Q23 results on 14 Mar: total revenue grew by 3% YoY (or +5% YoY on a constant currency basis) to US$464mn, vs consensus/our estimate of US$454/458mn.Non-GAAP operating income declined by 4% YoY to US$146mn in 4Q23, 7% ahead of consensus, mainly thanks to the stringent control in product development expenses.For FY23, total revenue declined by 4% YoY to US$1.76bn, with non-GAAP OPM up by 1ppt YoY to 33.6% on enhanced operating efficiency. 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) - Weathering a Challenging FY24

Thematic (Sector/Industry)

<ul><li>Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.</li><li>From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;</li><li>2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.com</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.

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our previous expectation.From a full-year perspective, given the rate cut cycle has not yet started and liquidity remains tight, we suggest focusing on: 1) companies capable of boosting shareholder returns or maintaining decent returns, supported by solid fundamentals (strong competitive advantages, steady growth in core business, and stable profitability) and committed to enhancing shareholder returns (also depends on management's willingness), such as Alibaba, Tencent, and NetEase;2) companies whose new businesses have significant market potential and are poised to bring considerable capital gains in the long run, particularly from overseas expansion and AI-related initiatives, such as Pinduoduo, Tencent, Alibaba, and Trip.comContent 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.

Internet - 1Q24 recap & our three stock-picking ideas

<ul><li>Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.</li><li>The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.</li><li>Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. </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.

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR of 10.7/9.8%.The growth of total online retail sales GMV continued to outpace that of online physical goods GMV, which was likely due to the robust growth in online travel bookings during the CNY holiday.Leading e-commerce platforms are prioritizing GMV and revenue growth over margin improvement in 2024, and guided to reinvest incremental operating profit generated to drive further business growth, which likely indicates more intensified industry competition. 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.

Internet - 2M24 online retail sales recap

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Weibo Corp (WB US)

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

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

Weibo (WB US) - Weathering a Challenging FY24

Weibo reported 4Q23 results on 14 Mar: total revenue grew by 3% YoY (or +5% YoY on a constant currency basis) to US$464mn, vs consensus/our...

CMB International

Internet - 1Q24 recap & our three stock-picking ideas

Year to date, the internet sector has pulled back after rapid rallies buoyed by improved sentiment and short-term fund inflows, in line with our...

CMB International

Internet - 2M24 online retail sales recap

Based on NBS data, 2M24 online retail sales GMV/online physical goods GMV reached RMB2.2tn/1.8tn, up 15.3/14.4% YoY, which implied a two-year CAGR...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)