麦格理-看好新浪微博-20170810-macquarie-sinacorporationportalandwblookinggood

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1、UNITEDSTATESSINACorporationSINAUSOutperformPortalandWBlookinggoodPrice(at03:38,09Aug2017GMT)US$100.07EventValuationUS$126.00-SumofthePartsSINA2Q17revenuebeatduetosolidWBmonetisationandUS$20mrevenuefrom12-monthtargetUS$126.00theonlinefinancebusiness.Weiboadded5mDAUor

2、21mMAUsequentially.The12-monthTSR%+25.9GICSsectorSoftware&non-GAAPoperatingmarginrecordedahistoricalhighat32%,duetooperatingServicesleverageinWB,streamliningportal’scoststructureaswellasincreasingtheMarketcapUS$m7,156revenuecontributionfromhigh-marginpaymentsandWBmem

3、bershipservices.30-dayavgturnoverUS$m97.0ReiterateOPwithaSOTPTPofUS$126,vs.US$127previously.ThisvaluesNumbersharesonissuem71.511)WeiboatUS$87pershareor35xFY18EPE(unchanged)vs.US$96previouslyduetoalowerholdinginWeibo,2)PortalatUS$6pershareor15xFY18EInvestmentfundament

4、alsYearend31Dec2016A2017E2018E2019EEV/EBIT,and3)otherholdingsandcashatUS$33pershare.Revenuem1,020.51,479.61,866.32,122.4ImpactEBITm73.3347.0492.5573.5Reportedprofitm225.1130.3175.9197.82Q17revenuebeat.SINAGAAPrevenueincreased47%yoytoUS$359m,Adjustedprofitm109.1205.5

5、266.9281.4Grosscashflowm137.4231.8293.9310.36%/7%aboveconsensus/MQestimates.Non-GAAPnetprofitcameinatCFPSUS$1.843.143.984.10US$52.7m,slightlybelowMQestimateduetotheimpairmentchargesrelatedCFPSgrowth%28.370.426.63.1PGCFPSx54.331.825.224.4toLeju.Despiteaggressivemarket

6、ingforWB’snewproductinJune,thenon-EPSadjUS$1.462.793.613.72GAAPoperatingmarginexpanded18pptsyoy/9pptsqoqto32%.EPSadjgrowth%66.990.329.73.0PERadjx68.435.927.726.9Weibo2Q17revenue/profitand3Q17guidance.Weiborevenuegrew72%TotalDPSUS$0.000.000.000.00yoytoUS$253m,3%above

7、consensus.Non-GAAPnetprofitcameinatTotaldivyield%0.00.00.00.0ROA%-1.09.612.813.7US$86.7m,9%aboveconsensus.3Q17guidanceofUS$290m-$300misROE%3.66.37.87.8aboveconsensusofUS$277m.Dailyactiveusersincreased26%yoytoEV/EBITDAx53.814.910.89.3Netdebt/equity%-46.7-47.2-50.8-53.

8、6159m,whilemonthlyactiveusersincreased28%yoyto361m.P/BVx2.22.12.01.9Acquirenewusersintier-3cities,rolloutWBStories.Thecompanysaidt