Baidu's Core Search Business Is Still Under Pressure; Maintain FVE of $180
Baidu released another weak quarterly earnings report, with revenue in line with our estimates and operating margin higher than our expectation, owing to well-controlled selling, general, and administrative expense. We retain our fair estimate of $180 per ADR for wide-moat Baidu and believe its core search business has few growth drivers in the near term. The negative impact of tightened Internet advertising laws will continue in the fourth quarter, and the company guided that fourth-quarter rev...
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