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 faced pressure in 4Q22E due to tighter regulations on entertainment content and extreme disruptions on ads promotions from resurgence of COVID in Dec 2022.</li><li>Hence, we lower FY22/4Q22E total revenue forecast by 1/4%. Market now looks ahead to recovery potential in online ads demand, driven by China’s reopening and consumption recovery.</li><li>The speed of economic activities recovery post Chinese New Year is ahead of our previous expectation, which should support Weibo’s revenue recovery in FY23E. </li></ul><p><em>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.</em></p>

Weibo faced pressure in 4Q22E due to tighter regulations on entertainment content and extreme disruptions on ads promotions from resurgence of COVID in Dec 2022.Hence, we lower FY22/4Q22E total revenue forecast by 1/4%. Market now looks ahead to recovery potential in online ads demand, driven by China’s reopening and consumption recovery.The speed of economic activities recovery post Chinese New Year is ahead of our previous expectation, which should support Weibo’s revenue recovery in FY23E. 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) – Recovery on the horizon despite ST pressure

<ul><li>Weibo reported its 3Q22 results on 17 Nov. 3Q22 revenue was down by 25% YoY (or -20% YoY on a constant currency basis) to US$454mn, largely in line with our/consensus estimate of US$469/460mn.</li><li>9M22 revenue declined by 15% YoY, as the macro headwind and resurgence of COVID-19 weigh on ad demand.</li><li>Non-GAAP net income dropped by 43% YoY to US$119mn, in line with consensus estimate of US$120mn.</li></ul><p><em>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.</em></p>

Weibo reported its 3Q22 results on 17 Nov. 3Q22 revenue was down by 25% YoY (or -20% YoY on a constant currency basis) to US$454mn, largely in line with our/consensus estimate of US$469/460mn.9M22 revenue declined by 15% YoY, as the macro headwind and resurgence of COVID-19 weigh on ad demand.Non-GAAP net income dropped by 43% YoY to US$119mn, in line with consensus estimate of US$120mn.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) – Ongoing moderate recovery

<div><div><div><div><ul><li>Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of June 2022.</li><li>Weibo has established unique proposition to advertisers with its large user base and vibrant KOL community.</li><li>It provides advertisers with differentiated brand-plus-performance marketing solutions with relatively high ROI. </li></ul></div></div></div></div><p><em>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.</em></p>

Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of June 2022.Weibo has established unique proposition to advertisers with its large user base and vibrant KOL community.It provides advertisers with differentiated brand-plus-performance marketing solutions with relatively high ROI. 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) – Navigate Short-Term Headwind

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) – Recovery on the horizon despite ST pressure

Weibo faced pressure in 4Q22E due to tighter regulations on entertainment content and extreme disruptions on ads promotions from resurgence of...

CMB International

Weibo (WB US) – Ongoing moderate recovery

3Q22 revenue was down by 25% YoY (or -20% YoY on a constant currency basis) to US$454mn, largely in line with our/consensus estimate of US$469/460mn.

CMB International

Weibo (WB US) – Navigate Short-Term Headwind

Weibo is the fourth largest social media platform by MAUs in China (behind Tencent/ Douyin/Kuaishou), with 582mn MAUs and 43% DAU/MAU ratio as of...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)