New Street Research - Baidu Inc Sponsored ADR Class A (K3SD) New Street: BIDU 3Q21 Results - Uncertain Visibility into FY22

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New Street Research

Jin Yoon

New Street: BIDU 3Q21 Results - Uncertain Visibility into FY22

What's new: Baidu’s reported 3Q21 top-line results were largely in-line with consensus estimates driven by strong growth momentum on nonadvertising segment. The wide guidance range reflects uncertainty on the resurgence of cases in China which could slowdown recovery in ads well into FY22. We lower our PT from USD250 to USD200 which implies a 23.5x 2022 PE multiple.

Analysts:
Jin Yoon

19/11/2021 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

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

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BIDU 1Q24 Preview: Ad Recovery Could Take Time

What’s New: We nudge down our 1Q24 Baidu Core top-line estimates as ad recovery could be slower than anticipated. Margins could remain stable as Baidu could continue to be prudent in its overall investments. Analysts: Jin Yoon

April 9, 2024 April 9, 2024 1 EN

UOB

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

Given the stabilising revenue growth and abundant cash on hand, mega-cap internet companies have been focusing on offering generous shareholder returns. For 2024, we expect consumption behaviour to switch to service and experience, which will continue to benefit OTA players. We believe other China internet names will outperform with overseas expansion and SFV players will continue to gain market shares with potential for take rate increases. Maintain MARKET WEIGHT.

April 8, 2024 April 8, 2024 1 EN

New Street Research

BIDU 4Q23 Results: Visibility Remains Limited

What’s new: Baidu’s reported 4Q23 top-line results were largely in-line with consensus and our expectations. Near-term visibility remains limited amid uncertainties in macro. Margins could remain stable as investments in AI-related initiatives could be offset by continued business optimization. We maintain our PT at USD200. Analysts: Jin Yoon

February 29, 2024 February 29, 2024 1 EN

Frontier Model Update

This note focuses on changes to the model following 1Q24 results. Earlier today, we published a review of results and comprehensive thoughts following the earnings call. The changes to estimates are minor. Our long-term thesis remains unchanged. Price target is $52.

EUR 9284.00

16h / 41m 16h / 41m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR: quick thoughts following the call Part 2

We commented earlier on the implications of the delay in the analyst day. In this follow up, we cover: 1) the growth / margin trade-off; 2) fiber broadband ARPU growth; 3) SAC growth; 4) EBITDA growth; 5) fiber penetration; 6) ACP; 7) fiber net adds. We covered what we expect for the strategic review in our quick take on results this morning.

EUR 9284.00

18h / 25m 18h / 25m 1 EN

Jonathan Chaplin

Jonathan Chaplin

FYBR quick thought following the call

In this quick note we touch on our thoughts around the delay in the analyst day. We will follow up shortly with further thoughts on operating and financial trends.

EUR 9284.00

May 3, 2024 May 3, 2024 1 EN

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New Street: BIDU 3Q21 Results - Uncertain Visibility into FY22

BIDU 1Q24 Preview: Ad Recovery Could Take Time

China Internet: Rewarding shareholders in 2023; emerging strategic growth prospects in 2024.

BIDU 4Q23 Results: Visibility Remains Limited

Frontier Model Update

FYBR: quick thoughts following the call Part 2

FYBR quick thought following the call

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