报告名称：Sina(SINA.US)SME Customers Surpass Alibaba’s Contribution “Neutral”
报告类型：海外市场
报告日期：2016-05-17
研究机构：国泰君安国际
研究员：黎柏坚
页数：8
简介：Sinaˇs 1Q16 results beat expectations due to growing Weibo contributions even though portal business shrank. SME customers became the Companyˇs major revenue contributor with the end of a strategic agreement with Alibaba (BABA US) and stronger SME customer demand.
We revise FY16-FY18 Weibo advertising revenue forecasts by 3.1%/ 4.3%/ 5.4%, respectively, thanks to the launch of live broadcasting apps (Yi Zhiboand Xiao Kaxiu) and short video apps (Miaopai) which captures the growing demand of video socializing in the social networking sector.
We cut FY16-FY18 portal advertising revenue forecasts by 2.7%/ 3.4%/3.7%, respectively. 1Q16 portal advertising revenue declined by 10.5% yoy,showing the weakness in portal advertising platform demand.
Upgrade the investment rating to ¨Neutral〃 and raise the TP from US$ 39.00 to US$ 47.50. We revise up FY16-FY18 EPS forecasts by 4.8%/5.4%/ 7.3%, respectively, with stronger Weibo contributions and the possibility of user growth momentum with growing popularity of short video apps. The new TP represents 42.4x FY16 PER, 28.1x FY17 PER, 20.5x FY18 PER and 1.47 FY15-18 PEG.

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