External broker reports(aggregated public sources), CMB International

CMB International

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.

External broker reports(aggregated public sources)

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

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

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

Equity Bottom-Up

<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

Weibo Corp

Weibo (WB US) – Ongoing moderate recovery