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Haitong International, for the first time covering Weibo (09898.HK), assigned an 'Outperform' rating with a target price of 107 yuan.

Haitong International issued a report initiating coverage on Weibo-SW (09898.HK). Considering that Weibo's user base and engagement levels have stabilized, the platform has entered a mature development phase with growth rates trending toward stability, remaining relatively low compared to other comparable internet companies. Based on this, the report assigns a valuation multiple below the industry average—namely, a price-to-earnings ratio of 8x for the fiscal year 2026, with a target price of HKD 107 and an 'Outperform' rating. The report noted that Weibo’s third-quarter results were mixed, with total revenue at USD 440 million, representing a year-on-year decrease of 5% and a quarter-on-quarter decline of 1%, in line with market expectations after downward revisions in late October. Online advertising revenue, measured in US dollars, showed a year-on-year decline.

AASTOCKSDec 2 10:15

Haitong International: Initiates Weibo-SW (09898) with an 'Outperform' rating; social media platform's unique position remains unchanged.

Weibo has enhanced engagement through algorithm optimization, achieving double-digit growth in average views, duration, and retention among medium- and low-frequency users during the summer vacation period on a quarter-over-quarter basis.

Zhitong FinanceDec 2 10:03 · Ratings