Reducing Baidu’s Fair Value Estimate by 14%; Worst Is Almost All Priced In
We have reduced Baidu’s fair value estimate to USD 225 from USD 262 following the much worse-than-expected second-quarter revenue guidance and full-year cost guidance. We think the worst is almost all reflected in the share price, and it is a good time to buy wide-moat Baidu. We assume revenue growth of online marketing service is flat in 2019, versus 8% growth previously. Management’s guidance of sequential increase in cost to no more than CNY 1 billion each quarter for the rest of this year im...
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