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WB - SINA: Higher Price Supported By Improving Fundamentals
Weibo Corporation
SINA (SINA) has been an absolutely outstanding performer in the past few weeks, up 40% from recent lows compared to 25% for subsidiary Weibo (WB). When a company's valuation increases this much, we reevaluate our position to decide whether the stock should be sold. In SINA's case, we were quite pleased with the recently announced share buyback and macro improvements, but this was tempered by the decline in the spread between SINA and Weibo as well as the recent $126mil litigation charge. Ultimately, we still believe SINA remains a great buy