New Street Research - Baidu Inc (9888) ... New Street: BIDU 3Q22 Results - Ad Outlook Dependent on Covid

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New Street Research

Jin Yoon

New Street: BIDU 3Q22 Results - Ad Outlook Dependent on Covid

What's new: Baidu’s reported 3Q22 results were above consensus and our expectations. While topline visibility remains uncertain, margins could continue to improve driven by cost control measures including in the cloud segment. We maintain our PT at USD200.

Analysts:
Jin Yoon

25/11/2022 1 EN

Underlyings

Baidu Inc

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Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

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Pan European Telecom Services and Cable

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Analysts

Jin Yoon

Other Reports on these Companies

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BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

What’s new: Baidu’s reported 1Q25 results that were above consensus and our expectations driven by AI Cloud. Baidu Core ad rev growth could be impacted by the continued restructuring of AI search. AI Cloud growth could remain resilient in 2Q. We maintain our PT at USD110. Analysts: Jin Yoon

May 22, 2025 May 22, 2025 1 EN

UOB

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

Baidu’s 1Q25 earnings beat expectations. Revenue grew 3% yoy to Rmb32.5b, 5% better than consensus estimate. Gross margin dropped 5ppt yoy to 46.1%, below consensus expectation. Non-GAAP operating profit was Rmb5.3b, down 20% yoy, while non-GAAP operating profit margin came in at 16%. Non-GAAP net profit declined 8% yoy to Rmb6.5b, better than consensus estimate. Maintain HOLD with a slightly higher target price of HK$91.00 (US$101.00).

May 22, 2025 May 22, 2025 1 EN

SATS, Carr, and the Art of the No Deal…Yet

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Blair Levin

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Supreme Court Upholds USF Framework but Reform Still Ahead

Today, the Supreme Court issued its opinion in the case challenging the legality of Universal Service Fund (USF) framework. As we had predicted, the Court upheld the current framework. In this note we analyze the implications of the decision for the USF reform efforts ahead in the Congress and FCC.

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Jonathan Chaplin

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CMCSA quick hit: Comcast continues to make the right pricing moves

After launching 5-year price guarantee plans in April, Comcast has now announced some tweaks to plans that are discounted for one year, and to rack rates. These announcements are less meaningful than the 5-year plans, though they continue to inch gradually in the right direction. Our quick thoughts in this brief note.

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New Street: BIDU 3Q22 Results - Ad Outlook Dependent on Covid

Ride-sharing & Delivery: Lower prices fuel accelerating volumes

BIDU 1Q25 Results: Restructuring of AI Search to Put Pressure on Ad Revs in the Next Few Quarters

Baidu Inc (9888 HK): 1Q25: Solid earnings beat; fuelled by AI cloud growth and monetisation visibility.

SATS, Carr, and the Art of the No Deal…Yet

Supreme Court Upholds USF Framework but Reform Still Ahead

CMCSA quick hit: Comcast continues to make the right pricing moves

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