New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) New Street: BIDU 1Q21 Results - Guidance Reflect Continued Recovery in Core

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New Street Research

Jin Yoon

New Street: BIDU 1Q21 Results - Guidance Reflect Continued Recovery in Core

What's new: Baidu’s reported 1Q21 top and bottom-line results were above consensus estimates driven by recovery in advertising business coupled with strength in non-advertising segments. Guidance reflects recovery in the ads business coupled with resiliency in the non-advertising segments such as cloud. We lower our PT from USD340 to USD250 despite strengthening in Core as we see limited opportunities in EV in the near-term. Our revised PT of USD250 implies a 21.9x 2022 PE multiple.

Analysts:
Jin Yoon

20/05/2021 7 EN

Underlying

Baidu Inc Sponsored ADR Class A

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US0567521085 Singapore Exchange Cayman Islands

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New Street Research

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Analysts

Jin Yoon

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New Street: BIDU 1Q21 Results - Guidance Reflect Continued Recovery in Core

BIDU 1Q24 Results: Baidu Core Ads Could Remain Challenging in the Near Term

Baidu Inc (9888 HK): 1Q24: Earnings beat; subdued ad revenue growth stemming from soft macro.

Greater China Daily: Friday, May 17, 2024

Intelsat – SES merger and the implications for the fight for spectrum in the US

Nvidia 1FQ25: 2025 shaping up even stronger, as we anticipated. Buy, $1,190 TP.

EIR Q1 24: Very good EBITDAaL growth

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