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

Weibo (WB US, BUY, TP US$26.9) Earnings Review: Maintain BUY for Margin Improvement

[Weibo (WB US) Target Price Change]: Rebound After Temporary Disturbance, Maintain BUY

Weibo (WB US) – Recovery on the horizon despite ST pressure

Weibo (WB US) – Ongoing moderate recovery

China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Weibo’s 4Q22 top line was in line with our est., and non-GAAP net income beat our est./cons. by 34%/46%, due to reverse of a contingent payment agreement with Jiamian Tech. </li>
<li>While we raise its revenue forecast in 2023, we also expect its costs and expenses to rebound due to the recovery of offline promotion events.</li>
<li>Maintain BUY and TP unchanged, which implies 13X PE in 2023.</li>
</ul>


Weibo’s 4Q22 top line was in line with our est., and non-GAAP net income beat our est./cons. by 34%/46%, due to reverse of a contingent payment agreement with Jiamian Tech. 
While we raise its revenue forecast in 2023, we also expect its costs and expenses to rebound due to the recovery of offline promotion events.
Maintain BUY and TP unchanged, which implies 13X PE in 2023.


[Weibo (WB US) Earnings Review]: Maintain BUY for Ads Recovery in Coming Quarters

Weibo Corp

[Weibo (WB US) Earnings Review]: Maintain BUY for Ads Recovery in Coming Quarters