Weimob’s 1H22 results were impacted by macro factors. We believe that the most challenging period for Weimob is behind it, as its operations have been recovering in recent months. We have a lower SOTP-based target price of HK$7.55, mainly because we lowered our target multiples to reflect slower-than-expected growth, given macro factors. Weimob’s share price was under pressure after its 1H results announcement. Although market sentiment is turning conservative, we believe that Weimob’s B2B business is on the recovery track, and we reiterate our ADD rating.